“Renowned Company” Reliance Was Complained for Cheating the Poor!

Statista, a company researching the global data, lately announced the list of 2020 leading companies in India, with Reliance Industries Limited (hereinafter referred to as Reliance) ranked second.

Data source: statista

As Indias largest private group leading in local corporations, Reliance is also one of the Forbes Global 100. However, a local customer made complaints on such a famous enterprise recently. What is going on？

Here is the story WikiFX learned. The customer was suffered from personal financial crisis during the epidemic, thus he tried to borrow 50,000 rupees from Reliance to alleviate the burden. After providing and filling several documents, the customer service representative asked him to pay a handling fee of 2,500 rupees.

Remittance record of handling fees

He did so. But the representative immediately required a goods and services tax (GST) of 7,800 rupees. “Why wasn't it informed in advance？ All I have is 2,500 rupees. How could I apply for a loan if I had 7,800 rupees？” he said. The representative hung up the phone directly once he asked to pay back the 2,500 rupees.

Record of communication with Reliance customer service

Such scam is not sole in Reliance. As early as in 2017, Securities and Exchange Board of India (SEBI), the regulatory authority of capital market, has banned Reliance from trading equity derivatives, which was due to its violation against Prohibition of Fraud and Unfair Trading Practices (PFUTP). The amount involved in the case was up to 2,000 crore.

From WikiFX APP, Reliance is under no valid regulation and its rating is only 1.22, which warns the high risks. Once again, WikiFX alerts investors to cases like Reliance as they can be found everywhere. Before being too late to regret, please keep in mind to check the brokers qualification before deposit.

Reliance just got a rating of 1.22 on WikiFX App

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