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gaurav (consultant)     28 February 2012

Icici home loan cheating/fraud by bank



I am looking for  a lawyer to file case in consumercourt against ICICI Bank who have cheated me in HOME LOAN interest rate part.

Contact me




 9 Replies

Tripti Nagwekar (Owner)     28 February 2012

Dear Gaurav,

You can not do anything to Icici Bank even if you fight the case in Supreme court on the part of your interest cheating.  You would loose your money and time and lawyer would earn from you.

gaurav (consultant)     28 February 2012


Thanks for reply, in sanction letter they have given 10 and 0.25% margin also in agreement which i signed.

the copy of agreement which i have recied is overwrtite by 11 and 1 % margin instead of 10 and 0.25%

also someone did my fake signature where they did overwritting.

isn't suficient reason to file a case against him?

Can you share you number i would like to discuss with you regarding the same.





Tripti Nagwekar (Owner)     28 February 2012

They made it from 10% to 11% manually with intention to record new rate of interest on the date of signing the agreement as the rate would have come in their hands after signing the agreement.  Therefore you can not give penalty to them.  On the other hand you write a letter to them and ask for clarification for your query.   I would suggest you on their reply.

Kumar Doab (FIN)     28 February 2012

Usually in the loan application all details are recorded. In the sanction letter ICICI bank has confirmed the mutually agreed rates. In the loan agreement bank has deviated from mutually agreed rates.

Your complaint is :

-In the loan agreement bank has deviated from mutually agreed rates.

-On the printed document bank staff has altered the rates by insertions by hand and you claim that your signatures, towards accepting these alternations, have been forged.

As per RBI guidelines bank has to supply you the certified copy of loan documents e.g. application, agreement.

When the loan agreement was supplied to you after disbursement of loan, or before the disbursement?

The loan is floating from first year or after fixed for first few years (say 3 years) and floating thereafter?

Has the bank supplied any document justifying the new rates inserted in loan agreement by manual alteration?

You may submit a representation covering all points by letter under acknowledgment to the BM of the branch which has received/processed your loan application and demand a reply in writing by letter under original seal and signature by hand of the competent employee of the bank thru redg/speed post only, so as to reach you say in next 7 days.

Bank shall have to act on your complaint since according to you your signatures have been forged. If the bank resorts to verbal mode and does not reply in writing you may escalate the matter to Nodal Officer/Chairman of the bank and approach a competent and experienced lawyer. Your lawyer may choose to issue a legal notice.

gaurav (consultant)     28 February 2012


They have not given me any notice or documents saying that interest rates are revised.

During discussion on phone calls or discussing with broker (a mediator were involve between me and bank) interest rate was 10+0.25% only.

i have taken loan from Gurgaon and i m doing job in bangalore, they called me one day asking that if you received any call from our bank saying that did you signed any document yesterday? you say Yes. and i did the same i said yes (i think they did changes in agrement after making disbursement cheque and did my fake sign and approved his department using my call)

They provided me agreement letter after disbursement of my Loan of worth rs 43 Lakhs.

When i asked about fake signature and manully overwriting they said we have not cimmited 10.25% it's only 10.46% and this will be applicable to you. and insurance amount of Rs 90k 11% interest rate will be applicable to you.

When i ask for more detail in written through emial, they did not responding since last 01 month or Manager is not picking up phone.

I have sent lots of mail regarding the same but no answer.

When i spoke to broker (mediator) he says that that was done incorrectly and now it's corrected new agreement will be deliverd to you in 2-3 working days. already 3 weeks passed but i did not received any such documents.

Now they are saying this is the only interest rate will be applicable to you.which is 10.46%.

what should i do now?



V D Shah (Manager - Fin. and Legal)     28 February 2012


  Fell really sorry for you that you had to go through all this. Actually apart from consumer case, I think a criminal police complaint can be filed for forgery if somebody has faked your signature.

Kumar Doab (FIN)     28 February 2012

If what you have posted is true, then:

---------You must first demand and obtain certified copy of loan application, loan agreement both copies, first which was signed by you, without any manual insertion by handwritten note, second with manual insertion.

---------If your signatures are forged you must maintain your signatures on manual insertion are forged.

---------The loan rates are not changed by phone in a bank. You must demand certified copy of the bank circular announcing rate of interest as on date of loan application, as on date of sanction, as on date of signing the loan application and date of manual insertion in loan document where your signatures have been forged.

---------Apparently your broker has received the commission/financial consideration from bank and is now making false statements. You need to record the statements of broker (audio/visual) of the broker and make him a party.  Record all calls of the bank.

You should now prefer to transact in writing with the bank.

---------Decline to accept the new rates and lodge a complaint since bank has forged your signatures and demand the bank should disclose to you in writing which employee of the bank had brought the loan document to you for getting your signatures on manual insertion. Lodge a police complaint.

If you are not able to handle the matter on your own you may approach a competent and experienced lawyer at your location and provide all records and inputs in person.

icicibankcare (Bank)     07 March 2012

Hi Gaurav,


We are sorry to hear about your experience. We have note down your contact number, our official will get in touch with you to assist you.



ICICI Bank Customer Service Team

Kumar Doab (FIN)     07 March 2012

Although the bank has approached you now due to your post in a legal forum, you may keep on posting the details till the bank begs apology in writing, matter is resolved in line with law of the land, your rights as citizen of the country, and to your satisfaction.

It shall be appropriate to record all events ( audio/visual).

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