S.R. Ramesh, a resident of Bengaluru, recently won a case in the consumer courts in the City against a well-known mutual fund company, UTI Mutual Fund. The Court ordered that the Managing Director and the Chief Executive Officer of UTI Mutual Fund should pay the man a compensation of ₹20,000 for deficiency of service.
Mr. Ramesh had invested in one of UTI Mutual Fund’s schemes since February 2012 and had not redeemed any units. By February 2023, Mr. Ramesh’s folio had 56,454 units worth ₹18,75,781. However, when he sent a mail to the company for a detailed account statement on April 2, 2023, he alleged that the company had replied a day later that he had zero value.
