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I had applied for redemption of all units for my UTI Growth and Value Fund (now merged with UTI Mid Cap Fund) on 21st January, 2008. They told me that I will get the amount transferred to my bank account within 3-4 days, but I never got my money. I am just tired of placing and following complaints and doing rounds of UTI MF head office at Bandra; nothing seems to happen and I clearly feel neglected and I am sure they have stolen my money.

Initially I had placed a complaint through their call center but there was no response for more than a couple of weeks. Then, I contacted an official from their head office who was looking into this matter for more than 3 weeks, but still my redemption request remained unprocessed. Then I submitted a written complaint on 27th Feb, and now its April, and after several phone calls nothing seem to happen, and I feel totally ripped off as a consumer.

This case will throw light on fraudulent ways that UTI MF undertakes to be reluctant to pay off consumer money, and their worst customer services. They don’t really care about investors and are ignorant about their complaints and their grievances.

What should I do to retrieve my money? Please help! Thanks!

Found At: UTI Mutual Fund – Money not received after nearly 3 months from redemption

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