Vasai Info

All about Vasai and Mumbai Suburb

Are your Mutual Funds in safe hands?

Are your Mutual Funds in safe hands?


name instead of Renuka’s. She was sent a fake computerised statement, which can be made by any software literate.

In July, Renuka got in touch with the broker to invest Rs 15,000 in SBI, who asked her to fill a form and address a cheque in the name of SBI. The very next day she got a bank statement confirming her investment.

Renuka explains, “In October, when the market went up, I called on the help line number to inquire whether my balance has increased or not.

It was then that time I came to know that the account was registered under Santosh’s name and not mine.”

Renuka called up the broker for an explanation and he told her that her work would be done in a few days.

On October 19, Renuka got a fresh bank statement, which said a new account was opened under her name and Rs 15,000 was deposited.

This case exposes the fact that it is easy to forge documents pertaining mutual funds for a first time investor as the brokers tend to dupe them by taking advantage of their ignorance. Knowledge about funds is important.

Renuka has filed a FIR with the Vasai police against Santosh for fraud,
and the police are investigating the case.


October 27, 2007 - Posted by | News and Views

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