Dear Sir,
I opened my account with India Infoline in Dec. 09. I had told my agent at the out set that I did not know about the ABC of the share trading and all my shares I had kept for last 15 – 16 years and did not trade in them for fear of not knowing enough about the ways and means of trading the representative assured me that I would earn minimum of 25% every year and that he could give in writing to me. Trusting him and the Big name of India Infoline I joined them. My agent (Mr. Maninder Singh, Senior relationship manager) closed my client ID no. 107537 with Master Capital and later on my fathers Client ID no. 10575 with Master Captial Servises, at Barakhamba road. At the time of joining he made me sign on so many papers and slips which as per him were required for the account opening formalities. I asked him to give me a copy of all the documents signed by me and he would always say they would be sent a set to me but I never received any. And soon after joining when he would do the intraday tradings. I asked my agent to play only in safe scripts he assured me that he would be playing safe and I need not worry about it. I felt it was safe. I was never informed that trading done could be above 5 or 7 times of the value of the shares and that he would be putting all my shares at such a high risk of trading. He would do trading in my account. Though for some shares he would inform me but he would trade for many with out informing me. I was never advised on the value of transactions or the profits or losses I was incurring. On my asking him several times during the period of Jan and July 2010 my agent would tell me that the value of my shares was between 2 to 2.5 Lakhs and I would ask him to send me a statement and he would tell me that he would arrange to send, but he never sent any. My agent had assured me at the time of joining them that I would be sent a trading account information giving complete information of the trading done and the account statements every 15 days but I did not receive the accounts statements giving me information about the value of my account. I never got any information on how much risk he was taking or the value of the shares he was trading in. I never had any clue that he would be risking my entire lot of shares in his daily trading. I was always under the impression that value of my account was between 2.00 to 2.5 Lakhs. But after around February he stopped trading in my account and after some inquiry I found out that his father had expired and he had gone to his native home. And after few weeks he joined office and I called him to know about my account status as the share market had begun to rise during that period he assured me that he would start trading in my account but nothing happened he did not trade in my account I kept patience for some
time thinking that he was taking some time to recover from grave loss of losing his father. But when quite some time elapsed I called him again and he assured me that he will start trading again. But again nothing happened meanwhile markets were rising and no trading was happening in my account and I would call my agent again and every time he would give some excuse that he was out of station and he shall start trading very soon. On 5th May 2010 he called me and said that he was sending me a ledger document thru e-mail and that I had to take a print out, sign on it and return to him after scanning the same. I agreed and then he sent me a mail but the attachment did not open. I called him and he said since the file was in a software that was in his office so he will send me a image of the last page of the document I received the document it showed a some figures (copy attached) of which I could not make any sense and asked him for a clarification to which he replied, pls. sign the documents as it was merely a formality.
In the month of July when I called him again and enquired the reason for not trading in my account he said that my position was a little tied up and that things were now clearing and he would start trading again. Fearing something a miss I asked him about my account balance and he said value of my shares was around 1.20 to 1.30 Lakhs. Though feeling bad about the value and status of my account and thinking that perhaps due to the losses my agent was not trading in my account. I asked him to start trading so that we may cover for the losses we incurred.
Around 3rd or 4th week of July my agent called me and said that he was booking Nifty for August in my account. I thought finally he was again going to start trading in my account but he never called again or nothing happened there after.

Out of frustration I called him on 9th August and told him I wanted to close my account with India Infoline, with out taking a second he said ok and he will do the paper formalities the next day. I was shocked at this behavior of him and felt very miserable at being treated like this.
Next day i.e on 10th August I wrote a mail to him on the subject and expressed my desire to have detailed account statement of all the transactions done against my account till date, and the opening balance and the current balance of my stocks. To misled me again he sent me a statement for the account of my father. and that too for a period for 01/04/2010 to 30/06/2010. but nothing before that and after that.

I asked him to give me information on the stocks available under my father’s portfolio and their current value. But he never responded to this mail. I sent him a reminder on 11th but he responded to the second part of my mail but did not say anything on status of his stocks. There after I called him on his cell but he did not take my first call and did not pick my two calls later on. I wrote to him again to respond to my mails and next day he wrote to me that he was on leave the previous day (inspite of sending me a mail) and that he would send me the account statement I waited all day long nothing happened and then in the evening he called me informing that he has sent me the statement but and I told him at that instant that I had not received any as I was on the computer he replied that he had just sent it so I will receive it shortly but it did not come and I called him again he said it will reach me shortly but the mail never arrived. Finally I just could not bear this any more and discussed the problem with my friend who suggested me to call up their customer care department to know more about the situation and to complaint about him not taking interest in my account and his behaviour for not caring a bit about his customer. I called their customer care help line on 11th August at 2.00 pm and to my deep horror and disbelief the lady in the customer care told me that there was no balance in my account and that rather I owed India Infoline a sum of Rs. 164.00. That was the deepest shock of my life. She took my complaint and promised to forward it to the Investigation department. After that I received two calls from India infoline on 12th and 13th August. The 13th August call was from one Mr. Amardeep who introduced himself to me as Maninder’s friend to which I refused to speak with him but then he corrected himself and said that he was his senior and that he had to report to the Bombay office as they wanted to know from him about the situation. I told him the entire episode. But then every thing was quite from India Infoline’s side.
I called Maninder on his mobile and asked what had happened to my account and why it showed a negative balance when just one month back he confirmed that there was a balance of Rs. 1,20,000 in my account, he said he had converted my shares in to options and it resulted in losses but did not tell me on the amount of losses and telling me that he will tell me the amount once he reaches on his desk but after that neither he called nor did he pick up any of my several calls to him. I even asked my friend Mr. Dalbir Rawat to call him and raise my concern. He even did not pick up his calls. I was waiting for the investigation team of India Infoline to tell me something about how and what went wrong with me account. But instead, I got next big shock, on 18th August when I received a account ledger of my father’s account in my mail. It showed the credit balance of Rs. 193.92. He had done only one trading in his account and we never expected it to be zero in value, and It was such a deep shocking, and horrible experience of my life. I felt utterly cheated by these unscrupulous people and company. How meticulously they planned to reduce our balances to the last hundred rupees with out we knowing the actual status. I called Maninder on his phone several times again but he just did not pick any call utterly frustrated and infuriated I sent him a SMS on his mobile but he did not reply to it either.

Finally my friend Mr. Dalbir Rawat he managed to contact him on the landline of his office and on questioning and telling him that I was going to register a case against him, he said he had made mistakes and that he was ready for a compromise solution and was ready for reimbursement of money to me. On asking how in the world my father’s account was zero when there was only single trading done on his account he said that he had transferred his shares in to my account and traded in them too. It was truly amazing how neither me or my father was informed of this kind of trading being done on our accounts and not satisfied by making my account zero these people went on to make my father's account also zero, with out ever trading in his account. This is absolute cheating and fraud and it is very clear that by hook or crook they wanted to rip off both our accounts up to the last hundred rupee, other wise the account value should have been either negative or positive by few thousand or hundreds of rupees. Now I really don’t know if the way he has transferred shares from my father’s account to my account and traded he could have easily transferred mine or my father’s shares in to any body else’s account too with out ever asking us or we coming to know about it. How a company can handle its customer’s accounts with so much of incompetence.

one of his seniors who had earlier called me Mr. Amardeep called me and my friend Mr. Dalbir Rawat again and wanted us to reach a compromise at on a lesser amount with Maninder. He was acting like a agent broking the deal I asked them to reimburse my and my father's trade accounts as per their original value to which they did not agree. and wanted to settle at a lesser amount. At that time i felt that when the unscrupulous Junior and Senior are in complete collaboration and the company so careless about its clients portfolio's the clients will always get cheated just like me and my Father. For last 10 to 12 day I have been waiting to get any response from the company after lodging my complaint with customer care department but all they say is they are investigating.

I really don’t know how to break this news to my father who is old and has heart problems as he will get too stressed and it was me who forced him to open the account with India Infoline as he was not ready to. I am myself going thru soo much of stress and anxiety about the loosing our shares of hard earned money to these unscrupulous people..

After seeing the attitude of the people and the company I am hundred percent sure that I have been manipulated and me and my father have been cheated. I want to get back my original shares and close the account with this company for ever. And company should be made accountable for all the mental stress it has put us in to.

Thank You,
Devender Negi.
(9873674757)