My experience with ventura securities

[lasty66]

Dear Sir/Madam,

Sub: I have been cheated in Capital Market by Broker/Sub Broker
Transfer of my chq to third partys a/c without my knowledge.




I ARUN V PARIKH, I am the registered client with Ventura Securities Ltd (Mumbai) (Broker) by client ID 74175 via Money Plant Securities (Sub Broker) (Mrs: Aarati Vijay Muley) since 17/12/2007.

On 10/01/2008, I had given the cheque to Mrs. Aarti Vijay Muley (Money Plant Securities), the sub-broker, for a sum of Rs 45000/- to deposit with Ventura Securities Ltd on my above referred client ID:74175.


However the said cheque was never deposited in my account. There after, I pursued matter with Mrs. Aarati Vijay Muley, (Money Plant Securities) who gave me false assurances that the money will be soon credited to my account.


On 10/03/2010, when I strongly demand the money, she bluntly refused the same. She has purposely passed the time of two years and breached my GOOD FAITH in her.


Thereafter, I went to Venturas office at vikhroli, there I met Mrs. Maria Fernandes, (Legal Department) by presenting copy of the said cheque. She confirmed to me, after getting through her records that this cheque got credited to Client ID 74087 i.e. Mrs. Rajani S Muleys account. It is pertinent to note that this account belongs to Mrs. Aarti Vijay Muley's family a/c. This shows that she has very conveniently transferred the cheque amount within her family.


Mr. D P Singh (Head of the Legal Department) was not present at that time, Mrs. Fernandes asked me to wait for a day or two.


After a fortnight and with all the telephonic conversations with Mr. D.P.Singh about this matter, he sent one courier stating that Mrs. Aarti Vijay Muley has submitted Memorandum of Understanding (MOU) with them. A copy of the same was being sent to me by courier on 29/03/2010, which I received on the following day. Please refer the attachment no. 2.


On the basis of the above MOU Ventura Securities Ltd & Mr D P Singh has refused to transfer this amount and advised me to meet Mrs. Aarati Vijay Muley directly at her office. I also met her and asked her to return my money, however she has refused to do so.


Please note that, I have not signed any MOU neither I was aware of such document and nor I have authorized any person to do so. It is pertinent to note that there is no Original MOU available with either of the parties i.e. Ventura Securities or Mrs. Aarati Vijay Muley. Infact, Mrs. Aarati Vijay Muley has went to extent of blaming me that I am in the possession of the original MOU.

My grievances are against the sub-broker Mrs: Aarti Vijay Muley of Money Plant Securities and against the broker Ventura Securities Ltd :-


That how can Ventura Securities allow THIRD PARTY TRANSACTION, i.e. transferring a cheque meant for one client ID to another client ID's account without prior notice to the concerned person. I believe that the same is also not permitted under SEBI/NSE rules and regulations.


Secondly, Ventura Securities Ltd has relied on a copy of MOU which is neither stamped nor registered nor any original is available of the same.


It is evident from the above that Mrs. Aarati Vijay Muley (Money Plant Securities) and Ventura Securities Ltd both hand-in-glove have illegally transferred the amount in third party's account and are now refusing to return my money on pretext of the said MOU which has no existence.


As on today, I have taken following actions against Mrs: Aarati Vijay Muley (Money Plant Securities) and Ventura Securities Ltd:-

1) On date: 31/03/2010 I have lodge the complaint with Samtanagar Police Station Kandivli-east. against Mrs: Aarati Vijay Muley.

2) On date: 24/04/2010 I have registered the above matter with SEBI and the same is Acknowledgement Ref No: 2010/0014618/01 Dt:22/04/2010.

3) On date: 03/05/2010 I have registered the above matter with NSE. The Complaint ID is 1005210760400081 dated 12/05/2010.
I request you to please confirm to me if any actions can be taken against Ventura Securities (Broker) and Mrs. Aarati Vijay Muley of Money Plant Securities.(Sub-Broker)
Thanking you for your kind time and attention.


ARUN PARIKH
(9224323064)

Hi Arun,
Sorry to read about ur plight... Apart from all the above actions u have taken.... u also have an option to approach Consumer Redressal Forum and also file a Criminal case against both Mrs Mule and Ventura Sec against various sections of law.... pls note that u can claim damages to a tune of 1 - 5 lakhs ... if ur lawyer is smart.... u should also have documenatary proof supporting ur story...

all the best ..

 

[blisscapital]

sorry to hear yr plight but i dont understand how a ac payee cheque in favour of ventura securities could be transferred to third party client ac, i hope you have followed the right process of signing a ac payee cheque and in favour of ventura , and on back side you have written yr code name and no.

Hi Arun,
Sorry to read about ur plight... Apart from all the above actions u have taken.... u also have an option to approach Consumer Redressal Forum and also file a Criminal case against both Mrs Mule and Ventura Sec against various sections of law.... pls note that u can claim damages to a tune of 1 - 5 lakhs ... if ur lawyer is smart.... u should also have documenatary proof supporting ur story...

all the best ..

Dear Sir/Madam,

Sub: I have been cheated in Capital Market by Broker/Sub Broker
Transfer of my chq to third partys a/c without my knowledge.




I ARUN V PARIKH, I am the registered client with Ventura Securities Ltd (Mumbai) (Broker) by client ID 74175 via Money Plant Securities (Sub Broker) (Mrs: Aarati Vijay Muley) since 17/12/2007.

On 10/01/2008, I had given the cheque to Mrs. Aarti Vijay Muley (Money Plant Securities), the sub-broker, for a sum of Rs 45000/- to deposit with Ventura Securities Ltd on my above referred client ID:74175.


However the said cheque was never deposited in my account. There after, I pursued matter with Mrs. Aarati Vijay Muley, (Money Plant Securities) who gave me false assurances that the money will be soon credited to my account.


On 10/03/2010, when I strongly demand the money, she bluntly refused the same. She has purposely passed the time of two years and breached my GOOD FAITH in her.


Thereafter, I went to Venturas office at vikhroli, there I met Mrs. Maria Fernandes, (Legal Department) by presenting copy of the said cheque. She confirmed to me, after getting through her records that this cheque got credited to Client ID 74087 i.e. Mrs. Rajani S Muleys account. It is pertinent to note that this account belongs to Mrs. Aarti Vijay Muley's family a/c. This shows that she has very conveniently transferred the cheque amount within her family.


Mr. D P Singh (Head of the Legal Department) was not present at that time, Mrs. Fernandes asked me to wait for a day or two.


After a fortnight and with all the telephonic conversations with Mr. D.P.Singh about this matter, he sent one courier stating that Mrs. Aarti Vijay Muley has submitted Memorandum of Understanding (MOU) with them. A copy of the same was being sent to me by courier on 29/03/2010, which I received on the following day. Please refer the attachment no. 2.


On the basis of the above MOU Ventura Securities Ltd & Mr D P Singh has refused to transfer this amount and advised me to meet Mrs. Aarati Vijay Muley directly at her office. I also met her and asked her to return my money, however she has refused to do so.


Please note that, I have not signed any MOU neither I was aware of such document and nor I have authorized any person to do so. It is pertinent to note that there is no Original MOU available with either of the parties i.e. Ventura Securities or Mrs. Aarati Vijay Muley. Infact, Mrs. Aarati Vijay Muley has went to extent of blaming me that I am in the possession of the original MOU.

My grievances are against the sub-broker Mrs: Aarti Vijay Muley of Money Plant Securities and against the broker Ventura Securities Ltd :-


That how can Ventura Securities allow THIRD PARTY TRANSACTION, i.e. transferring a cheque meant for one client ID to another client ID's account without prior notice to the concerned person. I believe that the same is also not permitted under SEBI/NSE rules and regulations.


Secondly, Ventura Securities Ltd has relied on a copy of MOU which is neither stamped nor registered nor any original is available of the same.


It is evident from the above that Mrs. Aarati Vijay Muley (Money Plant Securities) and Ventura Securities Ltd both hand-in-glove have illegally transferred the amount in third party's account and are now refusing to return my money on pretext of the said MOU which has no existence.


As on today, I have taken following actions against Mrs: Aarati Vijay Muley (Money Plant Securities) and Ventura Securities Ltd:-

1) On date: 31/03/2010 I have lodge the complaint with Samtanagar Police Station Kandivli-east. against Mrs: Aarati Vijay Muley.

2) On date: 24/04/2010 I have registered the above matter with SEBI and the same is Acknowledgement Ref No: 2010/0014618/01 Dt:22/04/2010.

3) On date: 03/05/2010 I have registered the above matter with NSE. The Complaint ID is 1005210760400081 dated 12/05/2010.
I request you to please confirm to me if any actions can be taken against Ventura Securities (Broker) and Mrs. Aarati Vijay Muley of Money Plant Securities.(Sub-Broker)
Thanking you for your kind time and attention.


ARUN PARIKH
(9224323064)

 

[bangerabs]

Hi,

I had closed my online trading account 99992542 and relevant dp a/c in January 2010. I was not availing any margin money, and as I had complained through this thread, Ventura was deducting from available credit fund even when sale is made from DP holding. Also, if there is no sufficient fund, even square off against sales from DP holding was not bening allowed. Fed up with the system of Ventura and their worst customer services, I had to close the account.

Now, regularly they send me account statements showing debit balane of arround Rs.83000/-. Any one would be surprised to know how can there be debit balance when I stopped availing margin exposure with effect from 3rd Aug 2009.( I stopped availing marging because they withheld my 9 lakhs worth shares simply because a debit balance of Rs. 9800/- generated on Friday (i.e. last trading day of the week) was not cleared on Saturday (i.e. non trading day). (Monday I was not allowed to sell shares till I cleared the debit). Besides, I had credit balance till I closed accounts. The final balance of arround Rs.701/- was refunded to me after I closed account in January 2010 after deducting all the charges towards transfer of shares held in DP. In fact, to prevent rejection of delivery instruction, I had remitted a small amount of 1K, to cover the defecit of fund towards transfer charges, which according me was very high as far as Ventura was concerned.

While, I have written them several times to stop sending wrong bills, Ventura is not bothered to rectify the error. Ofcourse, their worst carelessness towards customers is not new to me. I have finally warned them of legal action and if they continue to harass me, I am left with not alternative but to approach the NSE/BSE for suitable remedial action. Unfortunately they would not be penalised as there appears no legal provision to do so but I have to face mental agony.

Investing community please BEWARE OF VENTURA. Any one wishing to know more details may please contact me. Also, if any one can help me in legally pulling this dirtiest broker can guide me for further action. This firm must be closed forever, else they will make others to suffer. Those members willing to be attracted towards their lower brokerage, please take note of this worst broking firm. Please keep away.