Financial services platform Groww is facing backlash on social media after a user claimed that an investment made through the app disappeared, and details were erased when they questioned the company.
User Complaint
A user took to social media to accuse Groww of fraud. The user said that when his sister first invested money through the app, it generated a folio and showed the investment’s growth. However, when they tried to redeem the investment, they discovered a problem.
The mutual fund they invested in said the folio number didn’t exist. When the customer contacted Groww, all the details were removed from the app’s dashboard, and customer care said the money was “never invested correctly.”
This led to many concerned responses from Groww customers on X (formerly known as Twitter).
Groww’s Response
Groww responded to the complaint and social media outrage by issuing a statement on X. They explained the situation to the customer and credited the claimed amount to the investor on a “good faith basis.”
“We assure everyone that no transaction took place and the customer’s money was not deducted from the customer’s bank account in this case,” the statement read.
They added, “The customer’s dashboard mistakenly showed a folio. We have explained this to the customer and apologized for the error. We have fixed the reporting issue and are in touch with the customer to offer any needed support.”
In response to another user’s demand for an explanation, Groww’s account posted: “To prevent the investor from worrying about the claimed amount, we have credited it to the investor on a good faith basis. We have also asked the investor to provide a bank statement showing the debit of the said amount claimed to have been invested. This will help us and our regulators review the claimed investment.”
Public Reaction
Many users were still unhappy, saying that crediting the claimed amount was an admission of an error on Groww’s part.
The original complainant posted a follow-up, stating the issue is being resolved.
“Thank you for all the support and help in getting this post to reach the right people and make the right change. Ideally, I would not have removed the post, but since the amount is significant and important at the moment, I might have to go ahead and delete it. Thank you again. Very much appreciated,” they said.
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