fraud company who sends fraud agents?

Question

We parents were approached by some agent (who doesn't even works with the company anymore) and sold two policies bearing bi annual premium @ rs.20000 and 15000 each. We have completed 5 years and paid rs. 200000 and 150000 respectively. But I am shocked that in return I have received only Rs. 151403 and Rs. 110641. I have got loss of almost Rs. 88000. The agent told that you will need to pay for 5 years and after that you will get interest. But now bank people are saying that policy money will be given after completion of 100 years. They didn't gave us any investments returns, infact they took our own money. As per my parents, there were so many signatures and the agent told no problem he will do the rest of the formalities. My parents are cheated do not train people. You guys are money mongers. Thirsty to suck blood out of poor retired people who do not have an income source also. Please return atleast our own money and please contact me

 

Answer 1

Hello Nathan,

At the outset, let me clarify that this site is designed by a group of senior Banking Professionals to assist Bank Customers at large to provide guidance for resolution of any complain/query/grievance in respect of financial services. This site does not belong to any Bank or a regulator, which may please be noted.

Though this appears to be a case of mis-selling your parents are unlikely to get any relief. They had signed the requisite documents. It is natural to presume that they understood the terms of the policies before signing the proposal. Any relief is possible only if you all can provide documentary proof of non disclosure of material information  by the bank's official during the process of sourcing the proposal.

 

Regards

 

J R Mohandas