Connect with us


After user alleges fraud on Groww app, platform issues refund 



After user alleges fraud on Groww app, platform issues refund

A recent incident has brought popular investment platform Groww under scrutiny, following a social media uproar. A user alleged that the app had deducted money from their account without making an actual investment in a mutual fund scheme. The claim quickly gained attention and prompted a response from Groww, leading to a refund of the customer’s money. 

The issue came to light when a user posted on social media, accusing Groww of generating a false folio number for an investment that never occurred. According to the user’s post, the discrepancy was discovered by the user’s sister when she attempted to redeem the supposed investment, only to find out that the money had not been invested at all 

Despite the original post being deleted, other users on X (formerly Twitter) shared screenshots, spreading the word further.  

In response to the allegations, Groww clarified that there was an error on the customer’s dashboard, which incorrectly displayed a folio number. The company insisted that no actual transaction had taken place, and therefore no money was deducted from the user’s account. 

To address the confusion and in a gesture of goodwill, Groww credited the disputed amount back to the customer’s account. The company also requested the customer provide a bank statement to verify the alleged debit. Groww’s statement emphasized their commitment to resolving the issue promptly and maintaining transparency with their users. They reassured all customers of their dedication to secure and reliable investment services 

This incident highlights the importance of vigilant monitoring of financial transactions and the need for prompt and clear communication between service providers and their users. While Groww has taken steps to address this particular situation, it serves as a reminder for users to regularly check their investment accounts and ensure all transactions are accurately processed.