Teji-Mandi in Another Avataar Confuses Investors Cheated in Anugrah Debacle
Moneylife Digital Team 30 April 2021
Investors who lost over Rs1300 crore in the Anugrah and TejiMandi collapse were shocked to see a new twitter handle of the same name (@TejiMandiApp)  actively soliciting business.
 
Moneylife received several messages asking if TejiMandi has been allowed to revive. Several people checked with Moneylife to ask if the scamming TejiMandi Analytics has now reincarnated in a new form to scam more gullible people. The regulators and exchange were just as surprised. 
 
But, as the app says, TejiMandi which is now active on twitter is part of the Motilal Oswal group and not the one that decimated the savings of thousands last year. The choice of this brand name at a time when a bitter battle is being fought in the Bombay High Court has flummoxed one and all.
 
In February 2021, Motilal Oswal Financial Services through its subsidiary TM Investment Technologies launched TejiMandi, a stock market investment service for retail investors. Moneylife reached out to Mr Motilal Oswal who said,  “We had adopted the Teji Mandi name much before the Anugrah issue cropped up”. He further said the firm had purchased the domain www.tejimandi.com in 2017, but the decision to launch a service in that name now, when so many have been cheated in 2020, has confounded many.
 
Moneylife first reported the failure of the stock broking firm Anugrah and its sub-broker/associate Teji Mandi Analytics Pvt Ltd in August 2020. Investors tell us that the bulk of the money raised through and illegal ‘derivatives advisory service’ was through TejiMandi – which ran more like a Ponzi scheme offering extremely high returns. See Moneylife News Bites videos on this.
 
What makes it even more perplexing is that Teji Mandi offered services similar to those by the Motilal Oswal  firm. The finance and investment business works on trust and brand value, built on that trust. For a large brokerage firm to actively choose to use a discredited brand name so soon after a major debacle is not only unusual, but is causing needless irritation among investors. 
 
This is evident from messages that we received, asking if the same company was scamming people again.  
 
 
 
Teji Mandi responded to the tweet saying “Hi, We are Teji Mandi -TM Investment Technologies Pvt Ltd & subsidiary of Motilal Oswal Financial Services. We are a SEBI registered investment advisor (INA000015303) and help people build a long term portfolio. We are not associated with any similarly named company in any manner”.
 
 
 
 
Agnel Daniel (@The_Prodigal21) termed it a foolish branding strategy.
 
 
 
For those who came in late, here’s the story in brief. 
 
Anugrah Securities is a Mumbai-based brokerage founded by Paresh Kariya and was a trading member of NSE. Paresh Kariya was arrested by Mumbai police for defrauding investors last year and the stock exchanges declared Anugrah Stock and Broking as defaulter and expelled it from the exchanges.
 
Teji Mandi Analytics, the sub-broker of Anugrah, had come up with an algorithm-based trading system a few years ago, promising that the shares lying in their demat accounts can be used for derivative trading.
 
But investors claim that Anugrah and Teji Mandi started placing client securities in the brokerage pool accounts and used it for leverage purposes to execute their own trades. Most trades executed by Anugrah or Teji Mandi were illegal since they were not pre-authorised by the demat account holders and were misusing the power of attorney (PoA).
 
Investors have also alleged that margin statements and contract notes issued against the executed trades were false and had no correlation with actual trades or did not reflect the true position of the client securities. 
 
Apparently the name Teji Mandi in Hindi can either mean rapid recession or boom and bust cycles. Only time will tell which of these two terms would hold good for this new company.
Comments
growgreenenergy
3 months ago
Dear Sir / Madam, I am struggling to find my investment that made through TEJIMANDI. TEJIMANDI SAID, They are only plateform and not DEMATE Account operator.
Demate is with MOTILAL OSWAL. While my advisor, DISHA DHULIA said its not possible to park your investment in MOTILAL OSWAL. 
She said you invested through the TEJIMANDI APP so you CAN SELL Throght them only. She said Motilal Oswal not responsible for that.
She said that she has warned me, at the very beginning of the trade that you should not invest through TEJIMANDI, but only invest in equity by MOTILAL OSWAL.
She clarifies that SHE or MOTILAL OSWAL is not responsible or liable for your investment, and they don't know where it has gone as it 100% operated by TEJIMADNI, so  please don't contact us for any further information.
This is BIG FRAUD by TEJIMANDI as they took investors money and not connecting with Motilal Oswal .
Disha madam said its NOT POSSIBLE TO TRACK TEJIMANDI Portfolio , TEJIMANDI said we never have DEMATE so We CANNOT TRACK your investment. 
So finally both are together for making this fraudulent practice, and they have cheated investors like me.
Please look into the matter, and it may bust big rackets of FRAUD BY MOTILAL OSWAL Group.
 I have exited my one of the Portfolio from TEJIMANDI, called FLAGSHIP, Which will now not been shown in TEJIMANDI APP, and again as default its not showing in MOTILAL OSWAL, So let us know, where it goes.
Motilal Oswal executive is not giving any satisfying reply on phone and blindly blaming TEJIMANDI and its sign of FRAUD with investor.
I have attached recording proof that DISHA DHULIA of MOTILAL OSWAL confirming that this can be Buy and Sell throgh TEJIMADI APP ONLY, MOTILAL OSWAL NOT INVOLVED IN THID DEMATE AT ALL.w
Waiting for a detailed reply from your end.
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