Investment through FPI – potential scam?

Have been included in a Whatsapp group being run by a agency by the identify of Worldwide Fairness Fund (IEF), which claims that they’re an advisory agency primarily based out of Delaware, USA and has registered in India as a International Portfolio Investor. Their web site is https://iefey.com. They’ve launched an online primarily based portal (IEF) whereby after enrolling with them one can deposit funds and purchase shares primarily based on their suggestion. The onboarding course of requires solely Aadhar to be uploaded (no KYC being fetched by the agency as no OTP is acquired), however no requirement of PAN.Their suggestions and assist are in these classes:-a) Inventory suggestion in pre-market which is in higher circuit. Order is positioned by investor of their portal and higher circuit is purchased. Such inventory can’t be purchased in different dealer terminal however potential in IEF software. Purpose being given is that as FPI they use HFT terminals and despite the fact that inventory is in UC, promote orders can be found which get crammed in micro seconds.b) IPO software as institutional investor by pooling all of the traders making use of although their portal. Preferential allotment is acquired by these traders.c) Block buying and selling. Block offers provided out there are utilized for by this agency by pooling in funds of these traders which are fascinated about it.

All transactions of particular person traders are executed by the investor himself within the portal. Because the agency is investing in their very own identify, shares are in all probability held of their identify and never in particular person investor identify. No demat account is being opened within the identify of the investor and therefore no information of shares purchased by them can be found with CDSL / NSDL. Is that this allowed as per SEBI rules?

There are different pink flags as effectively such because the area identify https://iefey.com/ is registered in Sep 2016 and up to date in June 2024 and exhibits registration State as Madhya Pradesh. Why would an entity claiming to be a US primarily based advisor registered in India as FPI, have a website identify registered in Madhya Pradesh. All discussions are being executed via the Whatsapp group and some individuals (Professor Hardik Shah (cell – 7043983189), Meera Patel (cell – 7325897566) and some others claiming to be representatives of this agency are conducting this. They don’t seem to be reachable over telecom name and solely via Whatsapp name.

On chatting with a number of the present traders, perceive that they can deposit funds, purchase shares, promote shares and withdraw funds easily. General this appears to be like like an organised rip-off. The agency has despatched throughout their SEBI registration certificates (INUSFP057816) and CDSL registration exhibiting them to be registered as FPI.

Can somebody information on whether or not an entity is allowed to buy shares on behalf of shoppers and maintain it with out crediting to their shoppers demat accounts. So far as I do know such will not be allowed except the agency is registered as PMS / AIF. Additionally how would the taxation be managed as PAN will not be being taken.

The small print of the agency is:- Worldwide Fairness Fund, fifth Ground, C Wing, Laxmi Towers, Bandra Kurla Advanced, Bandra (East), Mumbai .

As this can be a potential rip-off, wish to submit a criticism to SEBI. Has anybody submiitted a complain to SEBI and is aware of the method.

As this can be a potential rip-off, wish to submit a criticism to SEBI. Has anybody submiitted a complain to SEBI and is aware of the method.

https://scores.sebi.gov.in/

sebi.gov.in

1458553843528.pdf

351.62 KB

Can verify this out.

I wish to file a criticism… really I’m one of many sufferer for this fraud… tried looking out in scores to file a criticism however unable to …pls information me on the best way to file a criticism

As this can be a potential rip-off,

No potential. This can be a straight up rip-off and a bit apparent. On account of professor bullshit and so on.

https://scores.sebi.gov.in/faqs

You’ll be able to file a criticism right here.

https://scores.sebi.gov.in/

Can verify this out.

Madhya Pradesh

Professor Hardik Shah (cell – 7043983189), Meera Patel (cell – 7325897566)

Two very massive pink flags proper there.

IEF is actually a fraud. They made me earn lacs on their fictitious portal, and now refusing to pay me again. Asking me to deposit increasingly more funds below one excuse or the opposite, primarily IPO allotment and block offers. Now refusing to return even my unique capital within the identify of tax.

Have you ever not taken any motion by submitting a fraud criticism towards them?

Sure, I’ve lodged a criticism with the Cyber Crime helpline. They’ve referred it to the native police station for comply with up.