[Resolved]  Kotak Securities — Promised Mutual Fund and Invested my money in ULIP

Address:

Gautam Buddha Nagar, Uttar Pradesh

I invested in Kotak mutual fund in Feb 2007(atleast that what I was promised) but Kotak ( I can't remember the agents name properly but my best
guess would be "Dipesh". Anyway he cannot have done it without KOTAK's knowledge) invested my money in Kotak Insurance (Policy Number [protected] dated 13/02/2007). When I challenged the agent on why I money was invested in ULIP rather than Mutual Fund, he told me that this ULIP was performing better than mutual funds(my fault was that I took his words). To my question that I don't want to pay yearly premium,
he told me that I don't have to pay it yearly. All I have to do was to wait for three years and then I can redeem my money. As luck would have it,
I had to move out of the country for good and didn't persue it
believing in what Kotak's executive told me. Also for the fact that all my documents were in India I couldn't have pursued it further.

I was in India last month and wanted to invest all my parked money including the money parked with Kotak Securities into some good mutual funds. I went to one
of Kotak's branch in Lucknow and came to know that my account has been
fore-closed for reasons beyond the wisdom of common man. What was more worrying was the fact that nobody from Kotak ever tried to contact me through email or phone before foreclosing my account. What is more interesting to know here is that I have been getting the daily NAVs report from Kotak on a daily basis.

All that I want to tell here that these people are real cheaters and even after repeated emails from my side nobody bothered to contact me. I'll advise all people who want to invest their hard earned money, to stay away from Kotak at all cost. I'll like to take them to court so that don't do this to others any more ...can somebody suggest me a good attorney please?

Shailendra Singh