[Resolved]  Complaint Against Indiabulls Financial Service Limited — COMPLAINT AGAINST INDIABULLS

[protected]@rbi.org.in, [protected]@rbi.org, [protected]@mtnl.net.in, [protected]@rbi.org.in, [protected]@rbi.org.in,
[protected]@rbi.org.in, [protected]@yahoo.com, [protected]@rbi.org.in, help.[protected]@rbi.org.in, [protected]@rbi.org.in, [protected]@rbi.org.in

Respected Brajabandhu Behera,

from last more than six months I approched RBI to take action against Indiabulls by emails, written complaints, telephone calls to Mumbai & Delhi offices.

From the behaviour of RBI I was aware that RBI is not serious with the matter, but still I, under Right of Information act requested RBI to give the information what action did they taken in more than six months against my complaints against Indiabulls, I am shocked to receive the information, the only action RBI did was called a response from Indiabulls to my complaint.

RBI Informed me:-
We had called for the company's response to your complaint and it is learnt that the company has already made replied to you wide their letter dated 11/9/2008 ( copy enclosed).

Indiabulls openly violate the Fair Business Practice code and RBI is please to protect the Indiabulls by neglecting all complaints made by me.

I put my all efforts to raise the matter with RBI, SEBI, State Government Departments, Central Government Departments, Concern Ministers/ Social workers, Consumer organisation, Newspapers, No body is serious.

Day by day I lost my hope for justice now the first thing I have to do is defend the bogus Cheque bounce matter filled by Indiabulls against me in Delhi and it is very tough for me to travel Delhi from Mumbai.

Indiabulls is very confident in my matter, against the loan amount of Rs.25, 601/- on 25/5/2007 I already paid Rs.22, 600/- by implementing me in false cheque they are forcing me to pay Rs.33, 208/- till today and plus interest amount.

RBI is not serious with my complaints at all.

Kdayaldasj

R B I PROTECTING DUBIOUS FINANCE COMPANY

Here under are reports of newspapers about the Indiabulls, which shows the how finance company doing business. The said finance company implicated me and thousands of Maharashtra youths in bogus cheque bounce cases in New Delhi Courts to extract extra money. I raised and made complaint against Indiabulls with RBI by writing letters, emails, reminders, telephone calls, but I am disappointed that even though eight months has been passed instead of taking any action against Indiabulls, RBI not taking matter seriously and by diluting seriousness of complaints, openly protecting the finance company. The whole system is working with Indiabulls and other NBFC that is why are charging rate of interest between 60 to 80 % per anum which is usurious.

1.Police restrained from arresting Indiabulls executives
http://timesofindia.indiatimes.com/Business/India-Business/Police-restrained-fro...⇄

2.SEBI FINES INDIABULLS FOR FRAUDULENT PRACTICES.
Link:-
http://www.business-standard.com/india/news/sebi-fines-indiabulls-for-fraudulent...⇄

3.Delhi High Court refuses to stay investigation against Indiabulls officials.
Link:-
http://economictimes.indiatimes.com/articleshow/2935511.cms

4.FIR against Indiabulls for illegal transactions.
Link:-
http://www.accessmylibrary.com/coms2/summary_[protected]_ITM

5.Financial Services Firm in the Dock
Link:-
http://timesofindia.indiatimes.com/articleshow/2842494.cms

6.Despite SEBI inquiry, Court allows FIR against Indiabulls.
Link:-
http://www.expressindia.com/latest-news/despite-sebi-inquiry-court-allows-fir-ag...⇄

7.Investors allege shares worth of crores vanished from their Indiabulls accounts in blink.
Link:-

http://mid-day.com/news/2009/feb/020209-Indiabulls-Securities-Limited-investors-...⇄

http://mid-day.com/news/2009/feb/020209indiabulls-investors-allege-fraud1.htm
7.Indiabulls asked us to fake it.
Link:-

http://www.mid-day.com/news/2009/feb/030209-News-Delhi-Courier-firm-employee-fin...⇄

8.IPO Scam, What, When, Who and How ?
Link:-
http://ibnlive.in.com/news/ipo-scam-what-when-who-and-how/8980-7-single.html

9.Indiabulls, Forts undergo Income Tax searches.
Link:-
http://www.indiantaxsolutions.com/main.php?t=28011985&d=[protected]

10.Fraud : Indiabulls men booked.
Link:-
http://cities.expressindia.com/fullstory.php?newsid=85402

11. Indiabulls Co. charges 4.5 Crores Service Tax on Fake registration number.
Limk:-
http://www.allindiantaxes.com/ait-news-145.php

12. Indiabulls Retail not paying some vendors.
Link:-
http://www.livemint.com/2008/12/12234548/Indiabulls-Retail-not-paying-s.html
13.Indiabulls to pay up Rs.35, 000/- as compensation.
Link:-
http://www.livemint.com/2008/12/12234548/Indiabulls-Retail-not-paying-s.html
14.Pay us our dues now.
Link:-
http://www.managementparadise.com/forums/general-talks/4955-pay-us-our-dues-now....⇄
15.Vanished Funds.
Link:-
http://www.indianexpress.com/oldstory.php?storyid=82800

My complaint:

Re: Complaint against Indiabulls Financial Services Ltd. F-60, 2nd floor, Malhotra Building, Connaught Place, New Delhi- 110 001.
Ref: Loan Disbursal No. S[protected]Rs.27, 342/-)

Respected Sir,

I would like to bring to your kind notice that I had taken a loan amount of Rs. 25, 601/- from M/s. Indiabulls Credit Services Limited (Indiabulls Financial Services Ltd.) by cheque bearing No. 431950 dated 25/5/2007.

The said company had obtained from me 10 blank cheques as a security for the said loan amount.

Sir, I had made the payment of monthly installment of Rs.1800/- continuously for 10 months, but due to sickness of my mother who was admitted in ICU, in hospital I couldn’t make the payment of one month viz. June, however their recovery officer Mr. Mahatre & Ramesh Patil collected me part payment of Rs.1000/- on 30/6/2008 and allowed me to make the payment of next ESC by cash.

It is highly regretted that without any intimation to me, the above said finance company has deposited one of my blank cheque bearing No. 78870 by filling the false amount of Rs. 28, 249/-thereby the said company has misused my cheque and in spite of my efforts to solve the dispute I offered reasonable amount i-e pending principal amount & interest amount. But to extract extra amount from me Indiabulls filed bogus cheque bounce case against me in Patiala House Court, New Delhi. Against the loan amount of Rs. 25, 601 on 25/5/2007 I had already paid Rs.22, 600/- and as it is very tough for me to defend the suit in New Delhi traveling from Mumbai, finance company black mail me and forcing me to pay more Rs.33208/- plus uncharged interest. To extract extra amount from me finance company tactically implicated me in cheque bouncing case. Finance company filed thousand of cheque bounce cases of Maharashtra youth in New Delhi Courts.

At the time of handing over the loan amount cheque to me they given me loan disbursal letter dated 25/5/2007, that contained only details of Loan amount, and EMI amount of Rs.1800/- they purposely not mentioned the details of rate of interest or number of EMI or tenure of loan period. They have taken the signs from me on printed agreement which contained several unfilled blanks in respect of very material terms; they misused loan agreement by filing false details of number of EMI from 24 months to 30 months ( i-e rate of interest 60 % per anum which is usurious ). They also promised me at the time of loan agreement that after 6 months, they will reduce the interest amount by giving me TOP up of my loan, even in first six months not a single EMI was bounced by me but even they turned up from their promises.

Further to bring to your kind notice that as per my Bankers accounts statement, the above said company has received all the monthly installments, for which I showed and submitted them the Xerox copy of my banks statements. It is highly regretted that in spite of that the recovery officers of the company are pressuring me for the payments of such two installments which were cleared by me and have been giving me notices. insulting me, and harass me, their recovery agents frequently had been visiting my home even my absence and talk rough with my family members.

I made this complaint to RBI, but regret to state that RBI not taking matter seriously and do not investigating my complaint. Whole system is working with Indiabulls.

Being aggrieved, from the above said attitude of the company I hereby approach you with a request to kindly intervene and get me relief from such unwanted situations, for which I shall remain highly obliged.

Thanking you,

Yours faithfully,


K DAYALDAS J

Bounced cheques choke Delhi courts.

http://timesofindia.indiatimes.com/rssarticleshow/msid-3706199, prtpage-1.cms

i fully agree with the fact of the case. I too had taken loan from India bulls. I too had not given any disbursal letters containing the schedule of repayment. Fortunately I cleared all cheques, so that they could not make misuse of my unused cheques.

Recently I came to know that all of their offices have been shut off. I wanted to take the balance confirmation letter from India bulls, but not even a single executive is available. Its office is also closed without any intimation.

RBI should take this issue seriously and avoid future complications.