• Complaint against religious and educational association

Dear Sir / Madam,

Kindly note Karvy Wealth Management had advertised and induced me to invest in the Unlisted, Unrated, Secured, Redeemable Non-convertible Debentures issued by Prabhu Dayal Memorial Religious and Educational Association (PDMREA).

Mr. Santosh Kumar, Assistant Vice- President, Karvy Wealth Management promised that it is a safe investment similar to fixed deposit. Additionally, he promised me of high-interest rate. (Attached Annexure_01_Brochure - Prabhu Dayal Memorial NCD PPM). The financial product was mis-sold and misrepresented to me as a guaranteed return financial product like bank fixed deposit. Kindly refer Attached Annexure_01_Brochure - Prabhu Dayal Memorial NCD PPM.

I, Suman Kumar Chakraborty had subscribed to above-mentioned scheme and paid Rs10, 00,000 (Ten Lakh) to Karvy Capital Limited on 31 Dec 2014. (Attached Annexure_02_Suman Chakraborty - PDM - Cheque payment copy).

Karvy Wealth Management acted as Customer Service Representative.
Karvy Capital Limited acted in the capacity of Debenture Holders Representative (DHR).
Milestone Trusteeship Services Pvt. Ltd acted as Debenture Trustee & Escrow Agent.

Kindly note detailed payout schedule of principal + interest was according to Annexure 1 of Brochure.
Till date, I have received interest as per attached Annexure_5.2_Suman Chakraborty - PDM Interest payment details.

I have not received any more amount till now. I have requested for information regarding the default but received no response. Attached Email trail as per annexures 6.4, 6.5, 6.6, 6.7, 6.8 and 6, 9.

Kindly note, I am in great physical and mental distress due to above fraudulent act of above-mentioned respondents. I am in great financial distress and hereby request your good office to take STRICT ACTION against PDMREA, Karvy Capital, Karvy Wealth Management and Milestone Trusteeship Services Pvt. Ltd so that they make necessary arrangement to pay up all dues.
Best Regards,

Suman Kumar Chakraborty 
++++Kindly note I have all relevant documents as proof, I have already sent multiple notices to all concerned respondents but received no response, I want to file a civil money recovery suit. I have already visited NCLT bench Kolkata, but my case was not registered as the accused company is registered in different jurisdictions.+++++++++++
Asked 4 years ago in Civil Law

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4 Answers

Sir, my advice to you is file a civil suit and attach the properties of PDMREA (attachment before judgment) so that their properties are sold if they do not pay you money. Please feel free to call if you have further questions.

Abhishek Dutt
Advocate, Kolkata
31 Answers
1 Consultation

4.0 on 5.0

complain to SEBI against Karvy how they induced you to invest in scheme by misrepresentation that it is guaranteed finacial product like fixed deposits

2) request SEBI to take action against Karvy

3) you can also invoke the arbitration clause in your contract with Karvy to recover your money

Ajay Sethi
Advocate, Mumbai
87895 Answers
6207 Consultations

5.0 on 5.0

Since the cause of action took place in your residential jurisdiction, you may plan to file a money recovery suit from your place but you must first issue a legal demand notice mentioning all the episodes and your attempts to retrieve the cash deposit as well as to cancel your investment.

Following the legal demand notice, you can file a money recovery suit based on the valid reliable information and documentary proofs in your possession.

T Kalaiselvan
Advocate, Vellore
78050 Answers
1543 Consultations

5.0 on 5.0

You can file cheating Complaint for the same. You can approach NCLT bench having jurisdiction for the same. It will be speedy remedy to recover the dues

Prashant Nayak
Advocate, Mumbai
27224 Answers
88 Consultations

4.4 on 5.0

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