I am a hard working Software Professional in lower management position. After decades of hardwork I had managed to save up some money in different instruments such as FD’s and Mutual Funds.
Karvy agents approached me and my husband and introduced the Demeter Strategy - High Yield Debt a Portfolio Management Strategy(PMS) designed for investors seeking income and capital appreciation allocated to debt.
They impressed us with a high yeild return of about 20% on amount invested.
We somehow scrapped together 25 L using most of our life’s savings and breaking all FD’s, Insurance Policies and MF’s. Unfortunately when we tried to claim it back after 1.9 months we were in for a rude surprise. We could get only 49% of the 25L back.
I have noted down the following experience so that other customers will benefit from my experience and will stay away from this venture:
They charged initial load of 84 thousand on the 25 L - which is not supposed to be charged from the investor
They also charged exit load of 51 thousand which is not to be charged if the duration is more than a year.
They invested my money in doubtful non profit accounts such as Subhi Agro and PDM which are non performers. A major part of my money is still stuck in such accounts.
When I closed the PMS account they returned only 45% or 25 Lakhs and the rest is still lying in the above mentioned non performing NCD’s.
When we called the agents we realized that they have left the organization and new people had been appointed. The new people were not helpful and are still not responding to our calls for returning the money.
Also we had to pay taxes on the all the amount as per procedure.
The returns are not even as good as a fixed deposit.
Please do not invest through this agency - stay away from sweet talking Karvy Agents. You will be cheated!