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rahul sharma (software developer)     11 January 2016

Police complaint against icici bank

Respected Experts,

 I need your advice on ICICI Bank miss selling products to their customer. My mom had a saving account in ICICI Bank Panchkula and ICICI bank  agent contacted her to invest in wealth builder plan and told her it is traditional saving plan for 5 years and you will get 12-15% interest over it and based on good faith my mom invested 5 lacs in it. and now we received letter from bank that your current market value of your policy is 1.80000 as compared to invested 2 Lacs. It was really shocking for us and once we reached bank they never showed any seriousness and told us it is as per policy and showed us our signature on policy and said its better you go to court. It was very embarrassing to see that these culprits has no shame  and fear in there EYES.

 So could you please guide us should we lodge complaint in police station regarding dishonesty and miss selling to the customer against the agent

Go to consumer court against the bank for cheating customer 


Thanks in Advance


 3 Replies

B.N.Raja Mohamed (ADVOCATE)     11 January 2016


Every consumer have a duty to be aware of the terms and policies of any schemes or products before availing its service or purchase. If you have signed in an agreement or memorandum of understanding after going through the terms and conditions in entirety which doesnot provide the right to the service provider to deduct or reduce any amount out of the principal deposit amount you can work out your remedy through the powers provided to the reserve bank of india under the provisions of banking regulation act or you can seek your remedy through the district consumer disputes redressal forum.


adv.raghavan (Advocate,9444674980)     15 January 2016

You can initiate cases under the following:

1, complaint  with BANKING OMBUDSMAN 2, complaint in CONSUMER COURT, 3, file CIVIL SUIT FOR DAMAGES. Penal provision it not advisable. when you filing civil case keep SEBI  in loop.

rahul sharma (software developer)     15 January 2016

Thanks experts i have raised complaint against ICICI BANK and initiated consumer court case

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