A stock trading advisory company is collecting huge service fee (Rs.5.25 lakh) from investors for an assured profit of about 31.50 lakh. They fraudulently extract money slowly and slowly from clients starting from lower package and then transferring into higher and higher packages, finally in their highest package as mentioned above.They also enter into MOU with clients promising the said assured profit. But actually, they incur losses as per demat account of broker whom they give calls on behalf of customer. But as per company's records, they claim to have earned profits. Thereafter, they also refuse to return service charge to customer as they have no refund policy. Does a case lie against the company under criminal or civil proceedings and how and where to proceed.
