Groww faces social media ire over allegations of false folio creation

A Groww user has complained of fraud regarding the deduction of money without actually making any investments. A user named Hanendra Pratap Singh wrote on a social media platform that Groww did not make any investment into the mutual fund (MF) scheme despite deducting it. He also mentioned that Groww generated a false folio number that did not exist.

The user later deleted the post and subsequently provided an update on the matter.

Singh mentioned, “The Resolution has happened and we have gotten our Refund/fund money back with the correct value so that's a good thing on the Groww team's part. (We have all the details around this)”.


He also mentioned that, “Lots of people suggested that while investing we should have checked with Cams, Fund house, etc. While all those are very good suggestions and everyone should definitely do that, but folks the investment was not done recently, it was way back in 2020, back then

a. We were relatively new to investment, such a miss can happen.

b. You invest in multiple funds, it is not always so intiutive to go and check every time for every transaction

c. It seems an easy thing to do in hindsight now but very different when some shit like this happens. Only the person facing will understand. Everyone else will just say the ideal things

The user also wrote that it was a learning experience. An investor should be more proactive with the investment. “Was definitely a learning for us and everyone else that how more proactive we need to be with our investments. And also the need still simplifications of this from government level and not from these brokers level.”
In the end, he said, “As I mentioned at the top the issue with the Groww team is sorted, amount is refunded, and they will sort the issues they have in their systems. Thank you."


In response to the complaint, Groww issued a clarification and wrote on X, “We assure everyone that no transaction took place and customer’s money was not deducted from customer’s bank account in the said matter.”

“We have resolved the reporting issue and are in touch with the customer for any support required.”