jambulingam 04 July 2020

Money invested in particular forum

sir,

I had invested in particular forum .I received a reply from tamilnad mercantile bank .i want to know what i should do further regarding this.My wife had deposited the money in tmb bank which was later transferred to the forum account in 2001 electronically.But the tmb says that they are not related to the shares issued by the forum for money deposited by her.

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Quick Summary

If you've invested money in a forum and are now facing issues, particularly with funds transferred via Tamilnad Mercantile Bank (TMB), you're likely dealing with a fraudulent situation. The bank's stance is that they merely executed your standing instructions to transfer funds, and are not responsible for the forum's failure to fulfil its obligations. This is considered a crime, and your best course of action is to consult an expert advocate. Additionally, you should immediately file an online complaint with SEBI.

2 Replies

G.L.N. Prasad (Retired employee.) 05 July 2020

The bank is correct in their stand, and they have just debited your account, and as per your directions remitted the amount to that forum. They have carried out your standing instructions. If a depositor makes payment to the payee, and if the payee fails to deliver his obligations, bank is not concerned with such illegal actions. Yes. this is a fraud. The remedy can only be through handling by an expert advocate, as common may not fight against such brokers, banks, and other authorities. Undoubtedly it is a crime and you have to find a remedy against that forum that received your money through the bank account. Immediately file a complaint to SEBI on line.

Dr J C Vashista (Advocate) 09 July 2020

What is actual problem with TMB for the amount stated to have been transferred from the account of your wife as instructed by her in the year 2001 to the account of forum (name concealed) ?