Met Mehraboon of Gini Gems in Mumbai ph [protected], his email id: [protected]@ginigems.net, in the month of January 2018 for our investments in stocks and advise and accordingly an agreement was signed and also a trading account was opened in my name as per his advise with GEPL Capital Pvt Ltd, D 20/21, Dhanraj Mahal, CSM Marg, Colaba, Mumbai 400 001.(ph[protected],[protected]. Subsequently, as per his instructions I transferred Rs.30, 00, 000/= in tranches into GEPL Capital’s HDFC Bank account [protected]. After one year of investment, the valuation of our portfolio was below rs.26, 00, 000/=around end January 2019 and hence we met him again on 1st February 2019 in his office.He told us that due to volatile market conditions, trade war, elections etc the portfolio has come down but nothing to worry and by end of this year he will at least recover our principle amount of rs.30, 00, 000/=.As on date 17th June 2019, my portfolio is showing the valuation of Rs.21, 45, 767.40 on our investment of Rs.30, 00, 000/= done in Jan 2018, nearly 28% LOSS in less than one and a half year.As we are sitting on an exposure of more than rs.8, 50, 000/= on our investment of rs.30, 00, 000/= and since we were worried about our status of the portfolio, I had sent him a simple Whatsapp message on 7th May 2019 stating why our portfolio is going down, what is the problem, there is a drastic fall of rs.2 Lakhs from last month’s figure, how he shall recover our principal figure of rs.30, 00, 000/= by end of this year as per his verbal promise when we met him in his office on1st feb 2019, I shall need my statements on a daily basis now and if we can get into a call for all my above queries. Leave alone responding to my WA msg, Mr Mehraboon, instead of calling me or asking me to call and clarify my doubts and address queries, had sent a long E mail which was uncalled for in which he is
– outrightly refusing to admit that he verbally promised us that he will atleast recover our principal amt of rs.30 Lakhs by the end of this year.
– has asked us not to deal with him anymore and get in touch with GEPL Capital for our future investment dealings.
Since he sent us the email stating he does not want to handle our account and we should deal directly with GEPL Capital, I wrote a strongly worded email to him and ended it with the suggestion that he can close the account and transfer all the shares into my demat account held with HDFC. The moment I wrote to him, he has now instructed GEPL Capital to facilitate my account closure so that he can wash his hands off and come out of this situation .
Kindly Note :
A. Without we asking for our statement we never received our monthly statement on time from him.
B. He was freely playing with our money and trading in our account and did not exercise due diligence and therefore made huge losses.
C. He never called us for any meeting with him regarding our status of the account, Nor he gave us any investment advise, it was me who had called him occasionally to find out about the status of my account.
Also upon checking up with GEPL Capital Ltd for handling my account and investment advise and decisions, they have informed me that they are only the brokers and they do not have the expertise in the field of investment advise.
This is an Unethical and Unprofessional behaviour on the part of Mr Mehraboon. As an Investor, don’t we have any Right to ask him about our sinking portfolio ??? He is unable to manage and live up to his promise hence he is running away from us and washing his hands off .
I have also complained about him in SEBI on 13th May 2019 vide complaint number SEBIE/MH19/0002730/1 their reply is awaited . Sebi confirms that he has committed a fraud and hence I must file police complaint as well.
We request you to kindly look into our above complaint where he has currently incurred me the loss of rs.8, 50, 000/- on an investment of rs.30, 00, 000/- and it is increasing day by day and take appropriate steps and fix the lacunae in the society wherein No Ownership and Responsibility demonstrated by persons like Mr Mehraboon and the investor like me have been left on their own.. There are nearly 45 scrips in my account and I dont know what action to be taken on all these scrips. Request you to kindly take stern action against Mr Mehraboon Jamshed and help me recover money of rs.8, 50, 000/- as on date, and also take action on his behavior, his phone number and email id already mentioned above
