IndiaBulls Complaints & Reviews

Dear Sir/Mam,

This is regarding my Provident Fund.I was Empolyee Indiabulls Securities Ltd Kolkata Equity offline Branch my Empolyee Code IBCL18915 & PF NO DL/33499/8464 I have submitted my provident fund form in the month of March-2008 in Kolkata Branch but till now i have not received my Provident Fund .Please help me so that i can get it soon.

Regards,

Rakesh Kumar
mob no -[protected]

SIR,
I HAD TAKEN A PERSONAL LOAN FROM INDIABULLS CREDIT SERVICES LIMITED AT AHMEDABAD BRACNCH FOR RS.25000/- ON[protected] ON 24 EMI. & MY EMI AMOUNT WAS RS.1583/- . MY PERSONAL LOAN A/C.NO- S[protected]. I HAD COMPLETED MY LOAN ON MAY-2009, BUT TILL THEY HAVE BEEN DEDUCTING THE EMI OF RS.1583/= TILL DATE DIRECTLY FROM BANK. I HAD TRY TO CONTACT THEM, I WILL NOT GETTING ANY REPLY FROM THE CONTACT NU, MBERS.
I AM A MIDDLE CLASS MAN, I HAD TAKEN THIS LOAN FOR MY SON'S STUDIES.NOW IAM SUFFERING MONEY CRISIS.
SO IAM KINDLY REQUEST YOU TO PLS GUIDE ME & TAKE APPROPRIATE ACTION AGAINST THEM

Dear Sir,
I have left the Indiabulls securities Ltd.on 31 Mar 2008. the claim about same is sent to you in Oct. 2008. But still date I have not received any amount from my PF. May I know where the work in under procedure? and after how many years it will complete?
Is there any other requirement for the payout of sum of Rs.[protected]? If so kindly please tell me so.B'coz I live in Ahmednagar 2500KM away from Delhi and can't visit to you personnaly.
I hope I will get reply soon or shortly.
Thanking you.
Attaching part of mail with Indiabulls Sec. Ltd.



Dear Sir,

Your form submitted to P.F. office(govt.) by courier dated 14/10/2008.Nothing is pending on our end.

This is for your kind information that your PF withdrawal form has been dispatched to PF office from HO dated 14/10/2009 . Plz also note that the PF office prefers to interact with the employees directly than dealing with the employer. For further query, you may contact the PF office at the below mention address:

Office of Assistant Commissioner,
Employees Provident Fund Organization,
Bhavishya Nidhi Bhawan,
28, Wazirpur Industrial Area, Ashok Vihar Mod,
New Delhi-100052

Contact no. : 27377789/90

sir.
i am your client in commodities no. AG-2068 in agra. in agra office i was meet R/M Mr. nitin bhardwaj as per my disscussion Mr. nitin says to me i am confirmed the head office in the brokage rate apply for you. Such details are as follows :-
1- up to one crore brokage is 1.5% +.005% transcation tax include all taxes.
2- above one crore brokage is 1% + .005% transcation tax include all taxes.

all the promisse are wrong and Mr. Nitin are not picking my numbers (phone)

NOTE:- SIR PLS TELL ME WHAT I AM DOING

WITH BEST REGARDS
ANKIT KHANDEKWAL - CLIENT ID AG-2068
MOBILE No. [protected]

Date-23/06/2009

Dear Sir/Madam,

I Md Jamshed Khan, having D Mat & client trading A/c no(DL3934), in India bulls Securities Ltd in Offline Dept at Stephen House Branch in Kolkata.My Relationship Manager is Mr.Surya who is under Mr.Sandeep Pandey (Vice president).On 01/06/2009 Mr.Surya called me for appointment. I gave him the evening time. In the evening at 05:03 pm he again called me up from the number[protected].He ordered me to ready a cheque of Rs 10, 000.I told him that I am a new investor in your company, I can invest around 1 lakhs but first I will give you two thousand rupees cheque and will buy some shares to see the service of your company which you are claiming, after hearing this he became angry and started abusing me. His one of the sentence was that “Jamshed you are nothing but a ”.

I was shocked and unable to believe that I will hear such a thing from the employee of a reputed company. I opened account in your reputed company to invest and earn money but not to loose my respect and dignity, I am very hurt and I am thinking to close my account from your company and also believe that your company will take hard and necessary step so that other client will not loose their dignity and respect in future.
Hope you will understand my mental trauma I am going from after the incident and will take necessary action against him.

Thanking you.

Yours faithfully.

Md Jamshed khan.

Respected Sir,

Myself Manhar Chainani ex-employee of Indiabulls Securities IBCL-code27310.My PF a/c no. DL/33499/14354. I have submitted my PF claim forms to the below mentioned address:217 - 218, Aksar Arcade, Opp. Kalupur, Commercial Co Operative Bank, Shivranjani Cross Road, Shivaranjani, Ahmedabad - 380 015, Gujrat. Ph:[protected], 30074712,[protected], 40067834 in MAR-2009 TO ISHITA (BACK OFFICE EXECUTIVE). As per the telephonic talk with Ishita mam attached to the above mentioned branch she has told me that she has sent all the necessary form submitted by me for PF claim to you in March-2009.



I have sent several mails to EPF of Indiabuuls but they given me the assurance that all the formalities have been completed & My PF will release within 6 months the mails of coomunications are mentioned below date wise.



Sir i have left the services of Indiabulls in December-2007, but the still they are not clearing my PF claim.



I have wasted my lot of money & my time in communication. So this is my request you to please look after this matter & do the needful.



Thanking you



Yours Sincerely



Manhar Chainani

--- On Mon, 6/15/09, [protected]@indiabulls.com <[protected]@indiabulls.com> wrote:



From: [protected]@indiabulls.com <[protected]@indiabulls.com>
Subject: Re: RE-PF
To: "Manhar Chainani" <[protected]@yahoo.com>
Date: Monday, June 15, 2009, 11:00 PM


D/Sir,


This is for your kind information that as per our latest updation before pf withdrawal, their is formalty for ecf. So plz first of all clear it.



The contact person is Mr. Rajveer & Mr. Satbir, his extn. no. is 81540, his email id is rajveer.[protected]@indiabulls.com & [protected]@indiabulls.com



************************

With Best Regards
Sandeep kumar
Officer - HR .
Cont No.-3082036

----- Original Message -----
From: Manhar Chainani
To: [protected]@indiabulls.com
Sent: Monday, June 15, 2009 5:50 PM
Subject: Re: RE-PF


Respected Sir,

I want to know on which date you have submitted my PF claim form to Govt. PF dept.Please let me know the date of submission.

Thanking you

Manhar

--- On Tue, 4/28/09, [protected]@indiabulls.com <[protected]@indiabulls.com> wrote:


From: [protected]@indiabulls.com <[protected]@indiabulls.com>
Subject: Re: RE-PF
To: [protected]@yahoo.com
Date: Tuesday, April 28, 2009, 10:39 PM


D/Sir,
Your form received by us in this month.

We take some time to make alll formalties inside the form regarding monthly pf contribution during your employment & we always
send the forms in lot.So we take some time, may be 2 months at HO.

Presently pf deptt(govt.) takes 5-6 months to credit money in anyone a/c after we submitted the case to him.So plz wait for above said time .



************************

With Best Regards
Sandeep kumar
Officer - HR .
Cont No.-3082036

----- Original Message -----
From: Manhar Chainani
To: [protected]@indiabulls.com
Sent: Tuesday, April 28, 2009 7:58 PM
Subject: Re: RE-PF


Dear Sir

Please give me the reference number for my PF claim so that it becomes easy for any further correspondence. And also advise me that how much PF claim will be credited to by bank account.

I am waiting for yoyr reply.

Thanking you Yours faithfully
Manhar Chainani



--- On Mon, 4/6/09, [protected]@indiabulls.com <[protected]@indiabulls.com> wrote:

From: [protected]@indiabulls.com <[protected]@indiabulls.com>
Subject: Re: RE-PF
To: [protected]@yahoo.com
Date: Monday, April 6, 2009, 1:00 AM


D/Sir,
Your form received by us .

We take some time to make alll formalties inside the form regarding monthly pf contribution during your employment & we always
send the forms in lot.So we take some time.

Presently pf deptt(govt.) takes 5-6 months to credit money in anyone a/c after we submitted the case to him.So plz wait for above said time .


************************

With Best Regards
Sandeep kumar
Officer, HR Deptt.
Cont No.-3082036

----- Original Message -----
From: R.N.YADAV
To: 'epf' ; [protected]@INDIABULLS.COM
Cc: [protected]@yahoo.com
Sent: Monday, April 06, 2009 11:24 AM
Subject: FW: RE-PF


Please check& revert.



With regards

R.N. Yadav (ISL/7911)

Manager

Human Resources

Indiabulls

Plot No. 448-451,

Udyog Vihar Indl. Area Ph-V,

Gurgaon, Haryana-122001

[protected]


[protected][protected][protected][protected]

From: Manhar Chainani [mailto:[protected]@yahoo.com]
Sent: Thursday, April 02, 2009 10:14 PM
To: [protected]@indiabulls.com
Subject: RE-PF


Dear Sir



Myself Manhar Chainani ex-employee of Indiabulls Securities IBCL-code27310.My PF a/c no. DL/33499/14354. I have submitted my PF claim forms to the below mentioned address:217 - 218, Aksar Arcade, Opp. Kalupur, Commercial Co Operative Bank, Shivranjani Cross Road, Shivaranjani, Ahmedabad - 380 015, Gujrat. Ph:[protected], 30074712,[protected], 40067834 in MAR-2009 TO ISHITA (BACK OFFICE EXECUTIVE). As per the telephonic talk with Ishita mam attached to the above mentioned branch she has told me that she has sent all the necessary form submitted by me for PF claim to you around 10 days back.



So please tell me what is the status of my PF amt and please re-credit it to my a/c mentioned in the PF form.



Thanking you

Manhar Chainani

To,
Office-In-Charge
Indiabulls Pvt Ltd Date:17/06/2009
Gurgoan
Haryana
Sub: Non allowing to log in through PIB (Power India Bull) software where
as allowing to log in through Indiabulls website to transact.
[protected][protected][protected][protected]

Dear Sir,
I Jhuma Dey RR87 am having a account in your Bhubaneswar centre. Recently I got a mail that I cannot login and operate my PIB software as my address is not authenticated but I can operate my account through the Indiabull website. Its just impossible in part of me to understand that how is it possible that I wont be allowed to operate my account through PIB software where as I can operate the same account through your website. If you feel my new address is not correct then how come you dint inform me for the last 2 years. If you don’t accept my new address then why don’t you continue with my old address?
Sir, I have submitted a fresh address proof vide my letter through DTDC courier no.K[protected] dated 02/06/2009 which your office received on 06/06/2009. Already 12 days have passed and I am yet to get permission to operate through PIB software for which I have paid a sum of Rs.750/- at the time of the account.
Though the last two years I have been receiving your letters and statements in my new address but suddenly on May09 you sent a mail that to submit fresh address proof. I have submitted the Xerox copy of the transfer order of my husband so as to prove that our house has shifted and we don’t have a permanent address in Rourkela so I have given my husband’s office address. I will once again request you to allow me to operate through the PIB software for which I have paid one time fee at the time of opening of account and oblige. If you don’t allow me to operate through the PIB software then I will have no other alternative but to go for redressal forum.
Thanking you.

Yours faithfully,


Jhuma Dey
RR87 Copy to: mahesh.[protected]@bseindia.com for
C/O Soumitra Sarkar information.
UCO Bank
Basanti Colony Consumer forum for information.
Rourkela
769012

To the concerned,

I have recently opened a demat and trading account with Indiabulls securities ltd, my customer id being 481719 with Sector 15, faridabad branch in haryana. Further to this, the terms as discussed with MR. NAVNEET of indiabulls were as per below:-

Brokerage will be 2 paise for intraday and 20 paise for delivery
Software charges 1200, but shall be refunded

With the terms as agreed, its been more than 4 months i have not been adviced anything further, I did trading through my this newly opened account and i was charged brokerage @ 5 paise and 50 paise. On my repeated trying to call Mr. Navneet, who opened my account and made false promises, he is not picking up my call and is not at all replying to my continuos messages. There is clear cheating been done my representatives who come to market their products and sell their products making false claims for which they cannot stick themselves later once account gets opened. This is to the knowledge of the concerned in Indiabulls securities ltd. that their business is being eaten by their representatives who manage to grap one account with manipulations and then lose on count of several others who see Indiabulls as feasible option. My brother and maternal uncle wanted to open an account but now i will not recommend them for sure. Infact with the kind of manipulations being done with me, i would myself would not like to continue with Indiabulls any further unless my issues are not being addressed and resolved properly.

Regards,

Anurag Sachdeva

hi

This is to inform you that i was submitted my form to pf office jaipur before one & half month.
i got a letter from pf office regarding details and documents of the company but indiabulls mart has wind up from the Rajasthan before 10 month and not in touch now so kindly do the need ful as soon as possible

my pf No. is RJ 16248/149

Regards
Sunil kumar Sharma

Client Id: NA1643

Hi All,

This point of time I really regret my decision to be a client of Indiabulls Securities.
I was assured a brokerage of .1(delivery), .01(Intraday) and 40/lot for options.(No documentation was provided)
I was executing my trade as per this brokerage .(on the gross I suffered losses or end up only paying brokerage)
But I was excessively charged the brokerage amount, each time I complained to my R.M.
He assured me that amount will be reimbursed but at last I was the only fool in the crowd.
I was previously doing trading with Religare where my brokerage was .2, .02 and 50/lot.(I have documents)

I was assured lower brokerage by Indiabulls, so I moved on.

I know, my hard-earned will never come back but I want this issue to be escalated.

I really feel painful at this juncture.

HARASSMENT & TORTURE BY INDIABULLS TO EXTRACT EXTRA MONEY.
I had taken personal loan from Indiabulls of Rs.25, 601/- on 25/5/2007 and repaid Rs.22600/- but just default in one of my EMI of Rs.1800/-, Indiabulls misused my blank security cheque by filling false amount of Rs.28, 249/- and they also misused my blank signed loan agreement by filling false figures of 30 installments instead of 24 (Usurious rate of interest more than 60 % p/a.), denied the receipt of some amount debited from my bank. Even though I tried to settle the dispute by offering reasonable amount pending principal amount and interest amount but to extract extra money from me Indiabulls has filled bogus cheque bounce case against me in Patiala House Court, New Delhi. As it is tough to defend the false cheque bounce case traveling from Mumbai to Delhi, Indiabulls forcing me to pay Rs.33208/- plus uncharged interest. To extract the money company filled thousands of cheque bounces cases in Delhi Courts. In spite of my several complaints to RBI against India bulls, RBI not taking the matter seriously and protecting Indiabulls by neglecting all my complaints. The whole system is working with Indiabulls. To earn huge money Indiabulls bring the thousands of poor borrowers to suicidal point. Financial Company openly violate the fair business practice guidelines given by RBI.

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

Criminal cases filed against RBI, RCS officials on UCB fiasco
Our Bureau
HYDERABAD, June 15
IN A significant development, criminal cases were filed in the Court of Metropolitan Sessions Judge, Nampally, here against two officers of the Reserve Bank of India (RBI) and two officers belonging to the Registrar of Cooperative Societies (RCS) holding them responsible for the fiasco of local urban co-operative banks (UCBs) in the recent past.
Investigations against these officials of the RBI and the RCS were sought under the Andhra Pradesh Protection of Depositors of Financial Establishments Act 1999.
While the case was filed by one of the depositors of the crisis-ridden Vasavi Cooperative Urban Bank, Ms Savitha Devi, the court has admitted the complaint and referred the matter to the Crime Investigation Department (CID) for further investigation.
Announcing these details at the meeting of Welfare Association of Cooperative Bank Depositors here on Saturday, the Founder Trustee of Visu Trust, Mr C.C. Reddy, said the proceedings would be a landmark case wherein two senior most officers of the RBI and the RCS were accused of having wilfully omitted to discharge their statutory duties either in pursuance of a conspiracy entered into by them with the other accused mentioned in the charge sheet filed by the CID or intentionally aiding other accused in committing offences alleged against them in the said charge sheet.
Mr Reddy said the Government officers were not only vested with powers but were also accountable for any commissions and omissions.
In the case of Vasavi Bank, almost two years before the bank has finally closed its shutters, there were consistent complaints against the bank management and loanees that they were hatching a criminal conspiracy to loot the depositors' money. "Neither the RBI nor RCS did anything to stop it nor did they take any steps to expose such conspiracies and punish those involved as per law, " Mr Reddy said.
Accusing the RBI and the RCS officials of entering into conspiracy with the fraudulent bank managements, Mr Reddy said the complicity of both the RBI and RCS officers was reflected by the fact that within months after Vasavi Bank was elevated to the status of a scheduled bank, it was notified as a weak bank.
Both the RBI and the RCS officials did little to minimise the depositors' suffering by at least releasing the funds that were collected from the loanees.
"They are still sitting with crores of rupees while the depositors are on the streets fighting for their survival and trying to meet their day-to-day needs. It is thus very clear that the concerned officers named in the complaint by their wilful acts and wilful actions have committed the offences under various provisions of the Indian Penal Code, " he accused.
Strongly opposing the one-time settlement packages being offered to the loanees of these failed UCBs, Mr Reddy said, "All the depositors are the shareholders o[censored]CBs and it is their money that is involved in fraudulent actions of the bank management and the loanees and no authority has any right to enter into agreement without the specific participation and consent of the depositors."

Sir,

This is Anuradha, i got courier from indiabulls with pod no.[protected] & [protected] daed 26th May from Gurgoan, but till now i didnt get any cover from ur side, i called up indiabulls they said it was already delivered and received by SWathi like that, my home address is 34-6-10, rasastreet, gnanapuram, visakhapatnam, daily i am getting so many covers from othes.

This is ur people mistake, they delivered wrong address, plz check it and deliver immediately my current address.

Regards,

Anuradha

I have asked for the fund transfer from my trading account NO 56305 with Indiabull securities Ltd on date 16/2/2009 from till date the fund is not transferred to my linked saving account. Detail is as under

Name : Mitaben Soni
Trading account with : India bulls securities Ltd.
Trading account NO : 56305
1st online request on date 16/2/2009 Rs. 18000/- deducted from trading account Cheque No 10082. on 24/2/2009 Rs. 18000/- credited as as cheque no 10082 cancelled.
No further action taken by Indiabulls
2nd online request given on date 16/3/2009 cheque no 10967 issued, Rs. 18000/- debited from my trading account
Cheque 10967 is deposited in my saving account
Cheque return back to me on reason “Drawers' signature not as per MOP”

The reason for fund transfer was to avoid my charges incurred against low min balance. And failure to which Rs.722/- is deducted from my saving account. I have asked Indiabulls to pay this charges along with interest till they transfer the fund to account.

I have informed regarding the status of fund transfer every time to my Relation Manager of Indiabulls. Also emailed to Help desk of Indiabulls Required docments are also furnished but till date I am not able get my fund.

Kindly help me to resolve the matter
Mita soni

I had opened my account about 4 years back with a cheque of 700/-.Last month around first week of April i went to India bulls office i found only 200/- is balance.

My client id pu3387


Pune ( Shivaji Nagar - Online ) City Survey No 796 - A2, Near Kamala Nehru Park, Opp. Ambika Sales, Bhandarkar Road, Shivaji Nagar, Pune - 411 005, Maharashtra. Ph: ( 020 ) Online[protected], 30283477.

i wanted to know the benefits of doing trading with india bulls as i wanted to restart trading. He tried to get the account online but due to sign mismatch it was n hold. So i went to the

Pune ( Bhandarkar Road - Offline ) Abhijit Court, Above Truemart, Bhandarkar Road, Pune - 411 004, Maharashtra. Ph: ( 020 ) Offline[protected],[protected].

There i met Sunil K the Asst Vice president who said that he would start my account and trading as soon as i transfer the money i asked him the Brokerage and he offered me 3paise brokerage for day trading and 30paise for delivery.He said i would get 12x times leverage.

As indiabulls was offering me the maximum leverage i decided to start trading with indiabulls. Religare and Sharekhan (i have a sharekhan online trading a/c also) & motilal oswal were also offering similar brokerage but lessser leverage.

i conveyed my preference to Sunil k and also asked him to confirm my brokerage i.e 3 paise trading and 30 paise delivery. I asked him if he can offer me any thing less he said as of now i can offer you 3 paise trading and 30 paise delivery.

I was planning to start my trading from 25April but due to funds delay and several holidays i went on 29April gave my cheque of fifty thousand and started my trading.I again confirmed my brokerage and he confirmed that it was 3 paise trading and 30 paise delivery.

I asked him that when we do day trade on how much profit should we sell the share.
he told me that if you
do futures intraday sell 2.50 plus would be profit.
if you sell reliance sell at 1.30 plus anything above would be my profit.

on his advice i started trading in reliance shares and would sell at times on 2rs profit. I also confirmed with him many times my brokerage 3 paise trading and 30 paise delivery and he would confirm it.

As i was not getting any transaction details i was not able to figure out what was my loss/profit brokerage tax and what money i was making. As in the starting i had made losses i was unable to figure what was happening.After 2 weeks i started to recieve my transaction details hard copy by post. That is when i figured that IndiaBulls has been charging me 4paise brokerage i talked to the backoffice people dinesh and ketaki about the same they coonfirmed that i was charged 4paise. This was informed to sunil who said that he will check and that it was on hold.

But i was told that i have been given 3 paise brokerage it was fraud by indiabulls who charged me 1/4 extra brokerage. If you see my total transactions you will find i could have saved more than 10thousand rupees in brokerage and taxes.Because of these lies i have lost money which should be refunded to me.

I brought this to the notice of Sameer k the ppresident and he said he will look into it. Again when i talked to the backoffice guys they said i had 4paise brokerage. Sunil said he will confirm and it will be 3 paise.

On wednesday i had taken a delivery of 1000share of essaroil and on thursday it went to square off.On friday when i saw my account did i realize that though the transaction was done in profit money was deducted from my account.

I again talked to the backoffice and was told that money was deducted as my brokerage was more. I brought this fraud and lies to the most senior office incharge there but he just said we will reduce your brokerage to 2 paise.

Because of all the lies i have lost 80% of my investment, i.e i stated with 50thousand then added 20thousand now balance in my account is 29thousand, I have lost 41thousand. i was given this impression last week that i was making money.

The biggest problem has been the accounting system of indiabulls which is designed such that the client never gets to know what is happening. You get todays detail tommorrow. You dont see the money added or removed from your account and you have to sit with backoffice and do a lot of calculations manuallly to come to know how much money you made or lost to indiabulls.

I need my brokerage and tax to be refunded as was promissed. I should get justice.

But if i dont get justice i will spread the word about your fraud and unjust unethical accounting practises.

I opened my Indiabulls trading+dmat a/c (Client id : 235543) 2 years back and it was idle for long. Recently I decided to invest in good stocks to diversify my portfolio, because till date I had invested only in tax saving instruments. I had contacted Indiabulls and Mr.Arnab Ghosh came to my place who introduced himself as my indiabulls relationship manager. As per his advice I deposited money in my indiabulls a/c for share purchase. Then he instructed me to execute some orders and he told me what details to give, calls used to come from indiabulls and I gave orders as per RM's instructions. I start getting statement emails from indiabulls and I found that transactions has been made, hefty brokerage was charged but nothing was deposited in my DMAT a/c ! Later on I did some research and found that he put my money in index options which is not index share or index fund. I started contacting indiabulls for long and also called up Mr.Dwaipayan Kar who is head of saltlake, kolkata branch. Mr.Kar informed me that my entire investment is almost wiped out and almost no chance to recover! He advised me to put more money and continue "playing" to recover whatever I've lost. I trusted my RM because he is representing Indiabulls and though he would take care of my investments, but instead of investing he "played" with my money in speculative option game. When he came to my place first time I told him many times that I want to invest in share for mid to long term, and not interested in making quick money and quit. Just for higher commission percentage he misused my investments and pushed me to finalcial loss. I'm a computer software freelancer and living with uncertainty. My parents, wife and infant daughter are fully dependent on me. My hard earned savings are lost and mentally I'm broken. I'm cheated and mislead by Mr.Arnab Ghosh and Indiabulls saltlake office is backing him up, they are so fearless thinking they can run away from the consequences. I'm seeking compensation from Indiabulls Securities and action against fraudulent relationship manager.

Dear customer care

I have to lodge a complaint regarding the cheating and fradulant activities done with me by your esteemed organisation M/s India Bulls credit Services Ltd. I have applied for a loan of Rs 50, 000/-through your frenchiese @ 16% reducing in the year 2007 but I received a loan of only 28421/-, When I received a cheque of Rs.26824/- after deducting the processing fee etc. There were no details of the loan at what rate of intt. it was provided, neither any reschedule payment etc was attached to this cheque accept it was written that a loan of Rs. 28421/- has been approved and a monthly installment of Rs 1800/- as EMI is to be paid.

when I contacted the frenchisee / branch manager were from the same was lodged and give him all the details regarding this cheque, he told me that the loan is paid to you on 18% intt. reducing rate, for 20 months your monthly amount comes to Rs 1799.48 and it is round 1800/-p.m. when I asked him that you have promised me for 16% reducing rate, he told that I have tried my best but presently I could not get the deal below 18%. As it was not a huge amount so I take it lightly to pay after making my calculations, I found the same was correct and satisfied and considering the market reputation of the company i thought that the such a big company will not do any fradulent activity and will not misguide the customer. because meanwhile i got the other loans also on the same rate of interest fron Standard chartered bank and city Bank. So I take it carry on to go with the loan.

Now after paying all my EMI in time regularly, I contacted to your customer care on phone regarding of my 5 blank cheques which I have paid at the time of applying for loan to be returned back to me as I have paid all my EMI's. I was shocked to know that my 10 EMI's are still pending and the loan was not @ of 18% but it was @ 36% that also Flat. Sir, I feel very much cheated and was also very much shocked to hear from your customer care services such details. I have paid all my EMI sincerely and honestly even as I have left my earlier Job but I was making efforts that the money should remain in the system so that any EMI's should not bounce at any cost. the bank is sutiuated at Darya Ganj, New Delhi and I am living in Rohini and my present job is in Mayapuri. But my intentions were never to hold the payments even in this recession period where lakhs of people have gone bankrupt and are not paying their even actual amount. Sir, I have paid 36000/- which includes 18% rate of interest as per the verbal information provided to me. I therefore Lodged a complaint of being cheated and misguided under complaint No. 2587703 dt. 13.03.2009 with your customer services after knowing the details from them. .

I now would like to bring into your notice that Now I am closing my Bank account with IOB, Darya Ganj, as I am not in need to continue the same as I have paid whole of the amount with honesty and sincerety and I request your noble self to return my all Blank cheques immediately to avoide any kind of legal action. I further request you not to carry on any EMI's to generate any kind of charges. All liability or expenses if generated will be your responcibility and have to be paid by you only. I am not liable to pay any kind of further money to you in future. To misguide, cheating and misinformation given to the customser or to any person is not only wrong but bad in law also.

You are therefore being requested again to keep and have a good customer relations with your customer and providing them proper information to avoide such kind of cheating, misguide & misinformation attitude to lose your customers in future. it is not to creat any healthy relations nor it is good for the industry to run.

Any kind of legal action will be wholly and solely your responsibility.


Looking forward to an positive reply and cooperation.


Regds
Ravi Shanker Koul
Mob : [protected]

THIS COMPANY HAS A DUE OF RS. 25, 000.00 FROM LAST 2YEARS .AGAINST THEIR COMPANY GUEST MR.VARDAN DIXIT WHO HAD STAY IN OUR HOTEL IN NAGPUR CALLED HOTEL SIDDHARTHA INN. THE BRANCH MANAGER OF NAGPUR MR.SHASHANK CHANDARKAR SAYS THAT THE COMPANY WILL NOT SETTLE THE DUES NOW AS THE COMAPNY HAS NO FUND & AND THE COMPANY IS BANKRUPT.THEY SAY WHATEVER YOU WANT TO DO YOU CAN DO WE WILL NOT GIVE THE MONEY ANY MORE. SO BASICALLY THIS COMPANY IS FRAUD AND WE ADVISE NOT TO DO BUSINESS WITH THE INDIA BULLS GROUP AS THEY CAN BANKRUPT ANY TIME AND BASICALLY THESE PEOPLE ARE FRAUD JUST DO BIG PROMISES FOR PAYMENT AND DONT FUFIL THEM. SO I ADVICE THE PEOPLE WHO ARE DOING BUSINESS WITH INDIA BULL GROUP ABOUT THEIR PAYMENT!!! MY NAME IS SAHIL I STAY IN NAGPUR MY NO IS [protected] CAN CONTACT ME ANY TIME!!! I have all the documents as a proof and will be soon filling suit against them...

Hi,

I have submitted my pf withdrawal form on 10.09.2008 I have been checking the online status on regular basis. everytime it is the same below:

Status of Your Claim
State : DELHI / Establishment Code : 33499 / Employee No : 7278
Send Feedback

Receipt_no Type status remarks
28147660 Form 19 Under Process Your Claim is received on 10/09/2008 and is being processed. Kindly Try after 30 days from Submission.
28147661 Form 10C Under Process Your Claim is received on 10/05/2008 and is being processed. Kindly Try after 30 days from Submission.

In my last mail to pf office they told me process has been completed from their hand an delay from the govt side.

Please let me know how can i take my own pf money. With whome should I talk and how will I get the contact no. to contact.

Regards,

Trupti Karekar

sir
i am babita gupta from city meerut(uttar pradesh),
mera indiabulls securities ltd. me demat account hai jiska no. 11153768 hai, trading account no. CMR279 hai, is account me mere many companies ke shares hai.
last month company ne hume bina koi jaankaari diye meerut ka apna office band kar diya or aaj tak bhi hume koi jaankaari nahi di gayi hai ki hum apne shares ki trading ya sale kaise kare.
please help me, otherwise i do complaint to sebi office. babita gupta
[protected]

K DAYALDAS J
March 22, 2009

Respected Sir,


VERY VERY SERIOUS MATTER- REQUEST FOR YOUR ACTION IN MATTER.

Re: Indiabulls implicated thousands of Maharashtra youths in bogus cheque bounce cases in New Delhi Courts to extract extra money, bringing poor borrower near to suicidal point.
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/-)


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 Court.

At he 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 investigate 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

Encl: copy of letter to RBI which is self explanatory.


To,
Department of Non Banking Supervision,
Reserve Bank of India,

Dear Sir,

From last more than six months, I approached Department of Non Banking Supervision, RBI by writing several letters, Emails, Reminders, Telephone calls to Mumbai & New Delhi. In my complaints I had given details of how Indiabulls misguided me on rate of interest, how company denied the receipt of payment even debited from my bank, how Indiabulls misused my blank signed security cheque and misused blank signed Loan agreement by filling false figures of number of installments, filed bogus bounce cheque in Patiala House Court, New Delhi and also informed Apex Bank RBI that Indiabulls not only harassing and torturing me to extract extra money from me and but also doing with thousands of other poor borrowers and in there are number of reports in news paper about the suicides by borrowers for harassment by finance companies.
In first six months I learnt through Right of Information that instead of taking any action against Indiabulls the only action RBI did was RBI had asked response from Indiabulls. In my complaints I requested RBI number of times to proper investigate of my complaints. Indiabulls in reply of my complaints given totally false information and I am shocked RBI not found any thing irregular of finance company and RBI has given clean chit to company.

Indiabulls in reply in their letter dated 2/2/2009 and claimed that they are prestigious organization in the field of finance practice highest standard of transparency in its business, company strictly follows Rules, Regulations and all Regulatory Guidelines, company works under the Guidelines laid down by RBI, I am attaching herewith the some of clipping of some of articles published in leading national Newspaper giving information about Court Order against Indiabulls and news on alleged Cheating, criminal breach of trust, criminal conspiracy of Indiabulls which prove false of their tall claims.

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

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

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

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

5. 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
6.Indiabulls asked us to fake it.
Link:-

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

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

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

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

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

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


Indiabulls Financial Service Limited, misguided me by giving letter dated 25/5/2007 (Xerox copy already submitted with RBI) at the time of loan disbursal which reflects only loan amount and EMI amount, they intentialy not disclosed the tenure of loan period or number of Installments. And at the time of loan agreement they confirmed me number of EMI would be 24 but they misused my blank signed agreement and filed the false figures 30 which calculate to rate of interest 39 % ( 60 % reducing, which is usurious without doubt)They intentialy kept blank annualized rate of interest % p.a.

Even repeated demand of loan agreement they still not supplied me copy of loan agreement and they falsely claim that they had given me loan agreement copy.

Indiabulls claim false that I had made 11 installments but fact is that I paid 12 installments fully and I also paid Rs.1000/- cash to their recovery staff Mr. Patil & Mahatre and they had acknowledged this in writing. One of EMI was debited from my bank on 1/9/2007 but Indiabulls denied the receipt. Even though submitted Xerox of bank statements number of times confirmed this to their staff by taking them to my bank about the debit of ECS on 1/9/2007 but still they issued me notices, insulted me, and harassed me. (Annexure IV- page 3-3 reflects that I informed Indiabulls about debit of ECS on 1/9/2007) .Indiabulls misused my blank cheque by filing false figures of Rs.28, 249/- and deposited cheque without informing me, I tried level best to settle the dispute by offering pending principal amount and reasonable interest amount but to extract more money from me Indiabulls filed bogus cheque bounce case in New Delhi to harass and torture me. (Copy of emails as Annexure 1 and annexure II attached herewith.)
Honorable Courts number of times ordered financial companies not to file loan recovery amount tactically by criminal penal code instead of Civil (Annexure III), but Indiabulls tactically implicated me in false cheque bounce case and filed suit in Patiala House Court, New Delhi. Indiabulls filled thousand and thousand of cheque bounce suits in this manner in New Delhi Courts.

Indiabulls action caused me mental agony, harassment, deficiency in services.

Instead of technically diluting my complaint, I once again request RBI to look the matter seriously, investigate the issue raised by me in my complaints.

In Maharashtra and in India the numbers of cases of suicides are increased due to harassment and torture by some of financial lenders. I hope if RBI takes strict action on complaints the number of suicides cases come under control.

Thanking you,

Yours faithfully,

K dayaldas J

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

Bounced cheques choke Delhi courts