Mutual funds missing in Indian investor's account !

India related investments and savings sometimes throw up unusual challenges. A mutual fund investor in India learnt an important lesson the hard way.

Mid Day Mumbai describes the case of a lady in Mumbai who invested money in State Bank of India (SBI)'s mutual funds through her broker in July 2007. In October, she called up the help line number to check her balance and was shocked to learn that the invested amount was not reflecting in her name. Further investigation revealed that the broker had set up the account in his own name and had issued her a fake statement confirming deposit of the money. She confronted her broker and the money was duly refunded. A case of fraud has been filed against the broker.

This case highlights the ease with which your money can go walk about unless carefully monitored. An Indian investor is better off watching his/her investments closely to ensure all the hard earned money is put to work at the earliest.