Today i have received passport along with refusal letter, Its 100% confirmed that concluded means refused as of now.

Hope for the best and share outcome. I believe before u also receive Email from UK Embassy wht was issued or concluded.

Dear Customer, Your UK visa application has been concluded. PLEASE DO NOT GO TO THE VISA APPLICATION CENTRE BEFORE THEY CONTACT YOU. You will be contacted by the Visa Application Centre when your documents are ready for collection, or have been dispatched via courier where this is relevant. You are ...