Eqwires Research Analyst - Eqwires Research Analyst Fraud

I am a client of an Indian stock market advisory company called “Eqwires Research Analyst” since year ****.

Bellow is the company website and details
https://www.eqwires.com/
Dev Aurum, Deer circle, A/***, *** Feet Rd, Prahlad Nagar, Ahmedabad, Gujarat, India
Phone - +** ********** / +** **********


I opted for their Future & Option service in May ****. The company claimed that they are expert in stock market and have experience for many years.

After speaking to their representative on May ****, I trusted and paid ** lac initial capital investment in my trading account. I also paid ** lacs to Eqwires as their service fees. Total amount I paid is (**L+**L) =** lac.


They assured me to make ** lac profit (so the total investment amount will be *.** Cr) from this amount within * months of time (i.e., before December ****).


Since I paid the amount to them, I found that my investment amount is getting lowered every day. After * months of time, I found that Eqwires has put me into huge loss. I complained to management, but they said it will be fine after some days and asked me to wait. I agreed but it did never happen till date.


It is September **** now and the capital has become **L (**% of what I paid). The company showed continues decline in their performance since I took the service.


Since year ****, I have contacted them multiple times via calls, WhatsApp and even emails for my loss. But the company did not take any action against my complaint and only changed relationship manager. So far * relationship managers has been assigned to my account and all of them are useless.


Since ****, they are asking me to just wait, whereas the agreement was to achieve target in * months. But what I can see is that they are not capable of what they claimed. Since there was not action taken, I asked them to stop my service and refund all my amount paid (** lac). The company denied that. The company said that I have signed authorization and they have refund policy mentioned on the website. Due to these, they will not refund the amount.


There are many such complaints on the internet I which has faced the similar losses after taking their services.
They promised me to deliver target within * months and I have given them more than *.* years’ time.


After waiting for *.* years, I am at a huge loss (** lac) after taking their service and they are not ready to refund the amount to me. Also, they are not capable to fulfill the target too. This is totally unprofessional and unethical. So, I am stuck now as my money is with them.


I have tried many times from my side, but nothing has happened, and I am sure nothing will happen too. It is evident that the technical team of Eqwires has zero capability to do the trading business. They are totally incompetent and unskilled for trading and looting people with their marketing agenda.


I need to take legal action against them now as no option left for me now. I have already given more then enough time to them to them. It is clearly visible that management is not serious of my complaint.


The company is not capable to deliver what they claim, and not ready to refund the amount which I paid. So it is a win win situation for them.
I relied on the false promise of Eqwires and got cheated. I have suffered financial loss and sever mental stress, chasing refund amount but got no solution. This is totally wrong and unjust action on their part and amounts to cheating, fraud as well as negligence and gross deficiency in promised service.


I have been regularly contacting them via email, calls and messages but they have failed to provide any resolution and made no efforts to rectify the deficiency in promised services which is indeed regrettable and highly unprofessional and has caused losses and severe mental agony to me.


Therefore, I want to file a case of fraud against company for the refund of my amount which is ** lacs which I have paid so far, along with interest and pay damages for the suffering, mental tension, harassment, agony, loss of money and loss of business caused per day for since May ****.