Fact CheckedLast Updated: 5 July 2026Reviewed By: ComplaintAdda Editorial Team
Mutual Fund Scam
Mutual fund scams include unregistered agents promising fake guaranteed schemes, unauthorized fund switching by a distributor, and forged account statements. SEBI's SCORES platform handles complaints against AMCs, distributors, and registrars.
What Is It
Fraud involving fake or unregistered mutual fund schemes, unauthorized transactions in your folio by a distributor, or misrepresentation of returns by an agent.
When To Use It
Report when you notice unauthorized redemptions/switches in your folio, or discover the 'mutual fund' you invested in is not a SEBI-registered scheme.
Step-by-Step Process
- 1First raise a written complaint with the Asset Management Company (AMC)/distributor, noting the ticket number.
- 2If unresolved in 21 days, file on SEBI's SCORES portal (scores.sebi.gov.in) with folio statements as proof.
- 3Verify the distributor's ARN/RIA registration on the AMFI or SEBI website.
- 4For unauthorized transactions, also request a folio freeze from the registrar (CAMS/KFintech).
- 5If fraud/forgery is involved, also file a police/cyber crime complaint.
Documents Required
- Folio statement/account statement
- Distributor/agent's ARN number and communication
- Proof of investment (payment receipt)
- Written complaint copy to the AMC
Fees
Free to file on SEBI SCORES.
Processing Time
AMCs must respond within 21 days; SEBI SCORES cases are generally resolved within 30 days.
Important Tips
- Always verify a distributor's ARN or a Registered Investment Adviser's RIA number before investing.
- Set up SMS/email alerts on your folio to catch unauthorized transactions instantly.
- No genuine mutual fund guarantees fixed returns — that claim alone is a red flag.
Frequently Asked Questions
Check the distributor's ARN code on the AMFI website (amfiindia.com) or the adviser's registration on SEBI's intermediary list before investing any money.
This article is for general information only and does not constitute legal advice. Always verify with the official source before acting.