Aurum Commodities and Financial services India Ltd., Chennai
Non-refund of Margin Money

There was an ad in internet to become a sub-broker of the above named company to earn at least Rs.2lacs per month on a small investment. I contacted the MD and he promised me that if I can convince minimum 5 to 6 investors who can invest Rs. 1 lac each as their margin money with the company through the ICICI bank, the investors will be allowed to trade in commodity market which is very lucrative, from where they can earn more than Rs.10000/- monthly and my share from the brokerage will be at least Rs.2 lacs per month. My monetary investment will be Rs.20000/- for the software to be loaded in my computer besides other arrangements of internet connection, printer etc. This was a discussion in their corporate office in chennai at 5 B, Doshi Towers at Kilpauk, Chennai in the month of April. I came back and while talking to one of my friend at Bhadrak, he was ready to arrange at least 5 investors initially with the rest arrangements by him. So everything was arranged and we went into business in October with 5 investors investing Rs.1lac each with the company. But the trade went on for only 16 days in that month. From November, there was some problem at their office with MCX and everything went wrong and we could not trade. Whenever we ordered for any buy or sell it was rejected on the plea that there was not sufficient funds in the margin accounts, though it was reflected in the report that there was sufficient margin to go for trade. When we contacted the MD, Mr. T. Murrukkappan, he was always telling that it will be sorted out very soon. In November, he came personally to Bhadrak and gave a rosy picture about commodity trading. So another 3 persons deposited Rs. 1 lac each to go for trading. But in vain. Nothing happened after that. There was no trading. MCX seized the business of Aurum Commodities and they have not yet refunded the margin money of those investors inspite of our hundreds of requests. For last 6 months, the office is not responding nor the MD is responding to our telephone calls.

Company: Aurum Commodities and Financial services India Ltd., Chennai
Country: India
State: Orissa
City: Balasore

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