Hi Consumer forum,

This is to highlight to you another concern which boundaries the FRAUD (as consulted by my Lawyer).
The Transaction below was never asked by me and Religare executives have used my money to buy shares (intended to be for someone else, as confirmed by Ajit Kumar and Lalit Kumar of your Religare, Sector-14, Gurgaon).

Issue Identification: The issue came to my knowledge when as part of your good process, I got a confirmation call at evening of Thursday (3 June 2010) and I acknowledged to the individual that i never asked for this nor would I confirm this. He then told me about whom I deal with usually and I told him thats Its Lalit (after I was earlier cheated by Ajit Kumar, during an issue when he sold my 700 Bharat Gears share without approval). I called Lalit to raise the issue as he told me that he is Ajit's reporting manager. Lalit told me that he will look into it and next day, 4th June morning, I got call from Ajit where he acknowledged that I never asked for this.

Solution by Religare: Advise by Ajit/Religare:" Sir, we won't have you bear the loss as once the price goes high, we will sell it for you, don't worry sir!". Well, HOW DARE RELIGARE USE MY MONEY (approx. 20k) PLUS TOOK CREDIT ON MY BEHALF TO BUY THE SHARES! By the law of land, I am of the view that they are not authorised to do this. Also, I can not use the money which belongs to me as Religare has used it somewhere else.

Lalit told me yesterday (4 June) that he no more is responsible for Ajit's action as he has been moved to different centre and hence, forwarded this to 'central authorities' (I am not told who is that).

My View: Do I need to say more?? I request for your help including "getting back my money including Loss incurred on those shares, your commission, STT" and formal apologies from Religare. Also, I would be happy to co-operate in any action (legal/social) which will lead to enhanced consumer awareness and security regarding this money.

I had issues earlier because of lack of transparency and lack of period account statement, from Religare, including issues such as Communication Ref: Rel-2863078 (where 10000/- were missing from my account),however, this time the limits are crossed.

Best regards,
Amit
9971800305
Religare account: AG3950

Dear Amit

We regret the inconvenience caused to you. We would request you to get in touch with our customer care department at 1860 – 25 – 88888. We assure you that your matter would be looked into and appropriate action will be taken, as at Religare we take these matters very seriously and make sure our clients enjoy satisfactory and comfortable services.

Regards,
Religare Customer Care