[Resolved]  Indusind Bank, Religare Securities — Cheating

Address:

Mumbai City, Maharashtra

To IndusInd Bank, Mumbai (Branch and Bank Management + Grievance Dept) ( Ms Meghna Khot, Ms Anita Verghese SVP Banking Operations, ),

To Religare Securities, Mumbai (Branch & Religare Management + Grievance Dept)



Copy to SEBI

Copy to Aaj Tak



Dear Sir/ Madam



I am a 79 year old widow & I am customer at Indusind bank, Bandra, Mumbai Branch. My account no is[protected]. I also have demat account with Indusind.

I wanted to purchase stocks & Indusind bank advised me they have tie up with Religare & led me to open brokerage account with them. Indusind Bank relationship manager (Ms Niyati Jetley) & Religare manager (Rajeev Solanki) came to my house in Aug 2010 with account opening form (booklet) of Religare. They explained once account opened, I could purchase shares and money would be debited from my savings account at Indusind bank, & shares would be shown in Demat account at Indusind.



They misrepresented many facts and took Rs 50,000 for brokerage as an advance. Mr. Solanki & Ms Jetley assured me this 50,000 is like a fixed deposit and Religare will deduct their brokerage fees from this advance & any unused funds will be refunded to me on request or will show credit to my account till completely used. They never told me that any unused will be forfeited if not used in one year, otherwise I would have paid Rs 1,000 to Rs 2,000 for brokerage.



I trusted Niyati Jetley who was my bank relationship manager, and paid. I am not a heavy trader & in past 13 months have only purchased 6 securities. (Total Value less than 4 lakhs). Mr. Solanki/Religare and Ms Jetley/ Indusind misrepresented and made me believe the Rs 50,000 is safe and probably took advantage of my old age and status and took signatures on blank form (excess of 40 signatures) and told me form/ package they gave me is standard terms, knowing I would not be able read & understand the technical terms, conditions etc.



In May 2011, my son in law found out about the forfeiture and met with Mr. Anshuman Jain, AVP at Bandra branch. Mr. Jain assured him he would help sort this out. On2/6/2011, we filed formal complaint with Mr. Anshuman Jain (email copy’s between 22/5/2011 & 02/06/2011 enclosed).



Mr. Anshuman Jain verbally agreed to this misrepresentation of his bank staff and agreed to compensate me by giving me gift vouchers of Shoppers Stop monthly of amount Rs 5,000 to Rs 8,000 till Rs 50,000 refunded. I have received Rs 5,000 voucher in May 2011, and Rs 5,000 in Aug 2011. Even this senior manager of bank has not honored his commitment. Till today, my son in law follows up with him regularly, and I have only received Rs 10,000 (instead of monthly receipts which should have been minimum Rs 30,000 to Rs 48,000). Every time we get different excuse for nonpayment.



These vouchers are useless to me; I do not shop at Shoppers Stop. But was told this is only option to get refund. I complain as last resort and request you to please take action against wrong doers, and please refund me in cash. Mr. Jain was notified I would complain. I am old and do not have resources to keep following up etc with bank and deal with their delay tactics.



I hope the management of companies, and Sebi, Consumer affairs can help me



Sincerely

Mrs. Neelima A Purohit