[Resolved]  Bonanza Online — Fraud transaction done without confirmation

Address: Bangalore Rural, Karnataka

This refers to a bad experience with one of the fund house. I have opened a trading account with Bonanza online and transaction is done as per bonanza online dealer choice without prior confirmation.

Chronological order of event is as follows.

* Applied for trading account with Capital of Rs 50000/-.

* Account opening kit got 16/09 in simple envelope with weak user name (123456 series) & password. Before opening the envelope, knowing the details transaction had happened & I came to know when somebody called from Bonanza for trade confirmation for the second trade (no call confirmation on first trade), I have clearly said there is no confirmation given by me & transaction is done without our consent, Clearly told the Bonanza staff that CAPTIAL money should not be touched at any point time till I cancel the new account. However, again transaction had happened after alerting customer care and it seems to that my 80% fund cleaned by trading house. I think still some holding in our account but don't know the details/status, they may recover my money but considering this bad experience I would like to simply log out from such trading house.

* Complained immediately to customer grievance <[protected]@bonanzaonline.com>, but mail got bounced. Resend my complaint to customer care. Called Mumbai/Delhi office, after great difficulty I was able to get Regional officer number and informed/forward the complaint but Still now no action. Meanwhile RM called confirmed(send confirmation SMS) he will give my full refund cheque and now he is not responding/go to hell attitude.

Surprising part is that after week no email contract note, no contract note(post) and I don't know about my holding details. Comparing to other company I feel that Bonanza does not have any solid process to informcustomer about transaction or to check the transaction is genuine/agreement with customer.

I would request all to inform top management of the company(if any body have the contact). Customer hard earned money should not diminish just to earn the brokerage from customer. If possible Money life can post one good article about to stop such trading by dealer without customer confirmation. Many new fund does not have any process to tackle this issue. I am surprise how SEBI granting new fund house permit without having basic process. I would appreciate to take this matter further & fill this gap in the interest of public

Fraud done by below branch of Bonanza

sheshadri


#1386,3rd floor,sln plaza
11th main , 37th "A" cross,
4th "T" block jayanagar,
Bangalore- 560011