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Rohit (Student)     18 January 2014

Sahara india bank fraud

Hello Sir,

My mother had a 14 years deposit plan of SAHARA bank and the redemption date was 31.07.2013. On the redemption date when my mother went to the SAHARA bank and bank manager started shuffling and refused to pay the amount.

Last month december 2013 I went to my home and I came to know about this. I went to the SAHARA bank and came to know that the SAHARA bank already shettled the amount to another account of another person. Since my mother has the deposit certificate I didn't understand how the bank can shettle the amount to another account without any sign and document. I spoke to the bank manager and he said that please give us one month time we will recover the amount from that person and give it to your mother.

More than one month is over but still the bank is doing nothing. Sir it is already six month has passed redemption date and SAHARA bank is not acting on this case. My mother is very much upset and I'm not able to understand what to do. I'm thinking to file a case agaist the SAHARA bank so I need your suggestion.

Please help me on this. Your any suggestion would be highly appricated.


Rohit Kumar 


 4 Replies

Kumar Doab (FIN)     18 January 2014

It is not a bank.

It is Parabanking.

Sahara India Financial Corporation Limited (SIFO)Official Website


  • First RNBC to be granted a certificate of registration by the Reserve Bank of India.


It is under RBI.

The amount in fixed deposit is Debt on bank if it is bank or whatever it is.

If this company has paid the amounts without obtaining the original and closing the fixed deposit and in favor of someone else then you don’t have to wait for its recovery and you are not at fault.

YOU have the option to lodge criminal complaint, consumer complaint , complaint with RBI, civil suite........................................

Before that record the relies of manager (audio with visual) ad keep some witness with you.



Kumar Doab (FIN)     20 January 2014

You may log onto RBI at following link:

and you may find the following useful.

The bank had wrongly paid the complainant’s fixed deposit to some other person. The complaint was dismissed by the District Forum. It was held that if the bank without verifying the genuineness of the person claiming the amount of the FDR had paid the same, in other words refusal to make payment to the original and genuine person, deficiency in rendering service is writ large. The bank was directed to pay the FDR amount and compensation by way of interest of 18 % per annum. Malkiat Singh Bansal and Another v. Punjab National Bank and another 1998 (3) CPR 348 (SCDRC - Punjab)



The bank paid the complainant fixed deposits to someone else. While the proceedings before the District Forum was going on the bank paid the amount involved in the FDR along with the agreed rate of interest. The District Forum finding no deficiency in service dismissed the complaint. The complainant had filed the appeal for getting compensation. It was observed that the complainant has to be compensated for non-availability of the amount of the fixed deposit and the complainant having accepted the amount of FDR could not be said to have given up claim for compensation. It was held that the bank is liable to pay compensation for deficiency in not making available the amount of FDR to account holder even in absence of evidence about actual loss suffered. Malkiat Singh & Anr v. Punjab National Bank and Anr 1998 (2) CPR 416 (SCDRC -Punjab)

Saurabh Kumar (Managing Partner)     31 January 2014

The first option available with you is to approach banking You can go to Banking Ombudsman, a quasi judicial authority functioning under India’s Banking Ombudsman Scheme 2006 and which was created to resolve the complaints of customers of banks relating to certain services rendered by the banks. The type and scope of the complaints which may be considered by a Banking Ombudsman is very comprehensive, and it has been empowered to receive and consider wide range of complaints.

Avadhesh Paliwal (advocate)     31 January 2014

very good advise with detail and documents










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