Groww user says money debited but not invested, platform credits amount in 'good faith'

This prompted a clarification from the platform and refund of the customer's money as the user alleged that Groww generated a false folio number.

A Groww user claimed 'fraud' regarding deduction of money without actually being invested on social media. The customer alleged in a social media post that the Groww app did not make investment into a mutual fund scheme despite taking the money. This prompted a clarification from the platform and refund of the customer's money as the user alleged that Groww generated a false folio number which actually did not exist.

The customer alleged in a social media post that the Groww app did not make investment into a mutual fund scheme despite taking the money.

The user also claimed that he found out about the money not having been invested when his sister tried to redeem the investment. The social media post was later deleted but screenshots of the same were shared by other X (formerly Twitter) users.

In response to one of the posts, Groww said that “the customer's dashboard erroneously reflected a folio” but no transaction took place and no money was deducted from the customer's account. The company also said that it has credited the money back to the customer's account in ‘good faith’ and has asked for the bank statement showing the debit of the amount.