Oct 30, 2016 02:05 PM
24918 Views
I wish to bring to the attention of the plight of retail investors who invested in the NCD’s placed through Karvy Private Wealth.
I have invested through Karvy Private wealth in the fully secured NCD’s of Shubhi Agro Dairy, Shri Shradda Vivek Project Developer Private Limited and also PDM Sr totaling to Rs. 57L.
The investments were made purely based on the representation made by Karvy through issue documents supported by the audited financials of these companies and also the issue is backed 2.5 times in value of the NCD’s through tangible assets of the respective companies. Also, the issue document stated that quarterly interest payments will always be held in the escrow account.
For about a year, interest payments were paid out in time and thereafter all these companies defaulted/delayed their interest payments.
My attempts to reach the top management of these companies and Karvy proved futile a I diid not receive any replies to my e-mails.
I as well as many other such investors had invested in these privately placed NCD’s only relying on the credibility and brand equity of Karvy who has been in the business for the past 30 years.
Neither Karvy or these Companies have bothered to contact the investors and even they do not have even have the courtesy to reply our e-mails.
I wish to make this public so that gullible prospective present/ investors are cautioned on the fraud committed by such companies in collusion with fraudsters like Karvy Group.
