HDB Financial Services — policy against loan fraud

Address: Vikram Towers, 406 4th floor, Dharamdas Shastri Marg, Rajendra Place,, New Delhi, Delhi, 110008

Dear Manager,

I received a call from customer care executive (Stating that he is from HDB financials) Mr. Ashish (Contct Number[protected] during September 2018 offering a personal loan @ 3% p. A., but the loan will be provided by taking a new Bharti AXA life insurance policy which will be mortgaged by HDB bank, against which they will sanction a loan of rs. 5, 00, 000/- for which i need to purchase of insurance of rs. 50, 000/- (Per annum).

I thought its a good plan and accordingly i bought a policy of rs. 50, 000/- hfdc classic life insurance as instructed by your hdb team which i got processed on 28th Sept 2018 and i received the original papers on 28th Oct 2018. I was informed that my loan will be sanctioned within 15 days from the date of receipt of original paper. I waited and i got a call from Mr. Amit on 20th Nov 2018 informing that, my loan will be sanctioned on 24th Nov and will be disbursed on 25th Nov 2018.

But it didn't happened, i keep on followed up mr. Amit and mr. Ashish for getting the loan disbursement they keep on prolonged, finally i received a call from verification department saying that my loan will not be sanctioned since my Bharti AXA life insurance policy sum assured is very less below rs. 5, 00, 000/- hence, they can't sanction the loan. They asked me to buy additional insurance of rs. 48, 500/-, through which they will be able to provide upto rs. 5, 98, 500/- loan, that too with a condition that i have to get the new policy within 2 days, if i don't get the new policy, i wont get the loan. Mr. Amit (Who said that he is the manager of his respective branch) assured that i will get the loan disbursed for sure within 10-15 days from the date of receipt of new policy papers. But they did not responed my call for 2 months.

After 6 months on 3rd April 2019 again I received a call from HBD finance regarding same offer @3% loan p.A. I discussed everything about my last policy to Mr Vivek {[protected] WhatsApp Number[protected]} they ask to same condition again and ask to pay Rs 48, 500 for buying new policy of Indiafirst life insurance.

After hearing the offer from you (HDB bank) i committed to my friends that i will repay their money and hence, i needed money urgently.

So total i purchased a insurance of Rs. 98, 500/- Bharti AXA and Indiafirst life classic assure policy.

I received the 2nd original policy paper of Rs. 48, 500/- on 4th May 2019 and forwarded the copies of the same to Mr. Vivek, mr. Amit and mr. Ashish. Out of which as stated by mr. Amit - that mr. Vikas mobile was robbed since then i could never contact to Mr. Amit.

I was constantly following up mr. Amit and mr. Vivek but mr. Amit never came over on call, he just replies for my messages in 2 words "yes sir" "ok sir" & "in process". Mr. Vivek also keeps on giving me the days today will get the confirmation call for disbursement / tomorrow i will get confirmation.

Till date i don't know what’s happening and i thing i have wasted by rs. 98, 500/- towards the Bharti AXA and Indiafirst life classic assure plus policy and this is such a policy after paying such huge amount the sum assured is less than the principal amount paid by me. I thought because we are getting the loan the sum assured may be less.

Both the hdb bank service is a fraud and the Bharti AXA and Indiafirst policy. Just to sell their insurance policy they are fooling the customers by offering loan.

Even though hdfc insurance will play a safe role in this stating that "they don't offer any loan on insurance" - but they are not bothered that the customers are being fooled around by giving promises against their insurance policy.
On 012/06/2016 when i spoke to your hdb customer care executive - i asked whether you provide any loan against insurance at 3% p. A. Basis. She said "they do provide loan against insurance but the rate of interest is not 3%". Then i spoke to your hdb bank delhi branch executive - he said they don't provide any such loan towards the policy. (The bank itself is not sure whether they provide loan or not on insurance)

Then i realised 100% that i and like me many others being fooled around.

My other concern is even after customers complaint for such incident - why the bank & the insurance company has not taken any action against them.

I request you to kindly make a note of this a take appropriate action against them and request you to help me out to cancel my policy and refund the whole amount back to me.

The telephone nos and mobile nos for your records:
+[[protected]] Mr. Ashish called me from this no.
+[[protected]] Mr. Amit called me from this no during verification

+[[protected]] Mr. Vivek
+[] Mr. Manish

I have other call records and message records too.

If the appropriate action to be against them and against the bank too because even bank being aware such fraud is happening and their name is being misused no such action is been taken by them also.
Policy Details.

Bharti axa

Policy no .[protected]
Broker details as per policy
Arijit Prasad Roy

Indiafirst life insurance

Policy number[protected]
Broker details as per policy
Name Sameer Mohammad
License no. AG0075688
Telephone no . [protected]

My Details

Name Gurlab Singh
Contact number :-- [protected] / [protected]
Email ID :- [protected]@gmail.com