[Resolved] ICICI Venture Funds — No Information & not closing account | |
I have invested over USD160, 000 in an ICICI Venture fund, NRI deposit scheme, Dynamic India Fund VI. Over the last 5-6 months, I have tried unsuccessfully to reach anyone to tell me the process to close down my account. Any mail discussing account closure gets a cryptic response. I tried the website of ICICI Ventures which pointed me to a mail ID [protected]@iciciventure.com. the mail ID does not function. I finally reached a human today, Naveen Pujari who informed me that my money cannot be taken out till 2012 at the earliest. This information was never shared with me by IFS who manages the fund for them. Curious why it has taken so much effort to get the right answers. I think ICICI bank's staff are selling the product without full and complete disclosure which means we should read the fine print and not beleive the banker. The fiduciary responsibility of ICICI is also questionable, since they either have uninformed staff or incompetent staff. Was this information helpful? | |
Aug 14, 2020 Complaint marked as Resolved | |
3 Comments | |
Comments
I agree. Most of the time ICICI sells the products showing very rosy picture. Why DIF VI has invested in public equity when it is suppose to be private equity fund. What is % of fees and expanses as total funds collected while NAV goes below PAR. It seems that investors are being siphoned off their money under pretext of fees to pay for fat salary and bonuses of ICICI bankers
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