Suman Kumar Chakraborty: Complaint against Prabhu Dayal Memorial Religious and Educational Association (PDMREA), Karvy Wealth Mgmt., Karvy Capital limited and Milestone Trusteeship Services Pvt Ltd. for Unfair Trade Practice, Suppression of facts, financial fraud, Default of Principal and Interest and Deficiency of service.
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.
I had posted my problem in your facebook id but received no reply. Kindly inform your contact no to my email id - [deleted]
Suman Kumar Chakraborty
Asked 4 years ago in Civil Law
Kindly ADVICE the best legal option:
1. Consumer court
2. West Bengal Protection of Interest of Depositors in Financial Establishments (WBPIDFE) Act
3. Civil money suit against Karvy Wealth Management
Also advice how can I send you all other documents to you for further action
Asked 4 years ago