I just noted 2 fraudulent switch transactions from my existing icici mutual fund folio to their new NFO flexiCap fund. I have never made these transactions and i was never even made aware of these until the switch happened and i received a mail by camsonline. What’s even more suspicious is that both these transactions were made on 12th July 2021, which was the last date for subscribing to the NFO. This looks like their older malpractices in switching mentioned in Switching Scam: Sebi, Amfi Step In . I have already launched a complaint with icici prudential amc. I might have to also go through sebi scores portal to escalate the complaint. I am now facing an exit load on their nfo, market risk and higher tax implication loss on my existing folio due to STCG.
I wanted suggestions on how to resolve this situation and if others have faced similar issues?
What was the name of the earlier fund ? It could be possible that the Fund name is changed or got merged with Flexicap Fund
or could have been initiated by the Financial advisor ( Agent ) who usually has control over investments
@eddiechris the previous fund was icici prudential floating interest fund(completely different) and I did my investment through groww(direct plan), so I don’t think an agent should be involved
Understood… Weird thing.
Please update here once you get a answer / resolution
@eddiechris ICICI AMC made a backdated transaction on my account to revert the transaction. Still shocked about their practices though
Backdated transaction meaning the ledger showed a back dated entry that wasn’t there earlier? If yes then that’s impossible.
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Thanks @Rishabh_Jain2 for updating back here. With lot of issues around AMC, i have been recording the SIP details along with the units allocated on XLS, so that i can keep a track
Recently i received a mail from Kfintech to share the unit details to them as they had some issue
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@eddiechris @Navana_N I am attaching a screenshot which shows the backdated transaction also. Note that previously, there were only 2 transactions on 12th July. Hiding my folio no. for obvious reasons.
Doing back dated transactions takes a lot of effort and permission. The RO first needs to sanction it and then the RO gets permission from the HO. These are considered as serious errors in banks and AMC’s. If you are certain that the transaction is backdated it is best to raise this issue with the higher ups and bring it to their attention for a faster resolution.
As I thought, I am not the only one. Certain ICICI Pru AMC funds report involuntary switches; details here - cnbctv18.com and ICICI Pru MF reverses some NFO applications over gaps in investor consent | Business Standard News have covered this topic. The question is has icici carried out these type of transactions in the past also and how many retail investors who do not track their portfolio actively are taking the hit because of such practices…
