Reliance Securities Ltd. - Grievous complaint on Reliance Security sales team selling a poor policy to me
Contact Complainant     2572 Views     Report Spam  
Complaint by: Biswarup Banerjee on November 14, 2018, 10:13 pm in Banking and Finance

I have serious concern, anxiety, discontent and anger about a very mediocre product (Aditya Birla Real Estate Fund – Client Ref# 3000083095) sold to me 8 months back by one of the executives by the name Ramling Monde from Reliance Securities Limited (Hyderabad Branch)

It was proposed to me with the following promises:
- The fund is linked to real estate sector and doesn’t have market linked fluctuations.
- Its going at a low price and would yield a minimum of 20-22% upon final payout around January-2019.
- It’s a safe and very good investment option.

However, after having invested I became aware of the raw truth. I spoke to multiple executives from the fund house and came to know about the following things which were smartly concealed by the Reliance salesmen:
- My units were bought at a per-unit price of 1.3 during the transfer and the fund has a current per unit price of only 1.17! Straightaway upon investment, my capital of Rs 25 lacs sank by more than 7 lacs and the Aditya Birla executive confirmed my current fund value including the 3 payouts already done stands at only 17 lacs and change!
- The Fund is suffering from multiple litigations with different projects like Amrapali, L&T and the current sentiment amongst existing investors in that fund is very bad!

I have made these informations available to their area General Manager, Madhusudan Reddy more than once. He came to my residence about 4 months back and gave me “a 200% assurance that my invested capital of Rs 25 lacs would be protected and entirely recovered by Reliance”. However, I’m yet to see that promised assurance getting realized. Eversince his visit, I have called him umpteen times and he would either not answer my call or respond back with verbal assurances devoid of data and commitment. Presently my impression about Reliance Security is extremely bad because of the falsehood and deceit of the salesmen who fool investors into buying policies such as these using false promises to meet their individual sales targets!

I want an immediate address of my concern and want an escalation path on behalf of Reliance to recover 100% of my invested capital of Rs 25 lacs asap! I don’t want my hard-earned money to lie wasted. If I run out of patience I might as well upload this email on the consumer court including the names of the Reliance Security executives who duped me in this deal.

Thanks for your help

Biswarup Banerjee
Cell: +91 81064 07070

Complainant's Goal: Retrieving my invested capital with minimal bank interest rate
Complainant's Target: Reliance Securities Ltd.
Complaint Location: IndiaAndhra PradeshHyderabad
Would you like to Comment on this Complaint?
By clicking "Post Comment" button, you agree to our Terms of Services and Privacy Policy
Recent Comments - 0 comments posted!