Gopal Gora (APM) 27 April 2011

ICICI Home loan Fraud and Accounting Fraud

Dear All,

This is to inform you all that ICICI Bank is doing home loan fraud with its borrowers. I had taken a floating rate home loan with fixed EMI for first 7 years.

1) Violating this condition, they enhanced my EMI's when interest rates increased but did not reduce EMI when interest rates decreased. Rather, they reduced tenure when interest rates decreased.

2) They are adding "Short Interest" which was due on account of fixed EMI option taken by me to Principal outstanding and not denying to reduce the Principal amount for the amount paid in excess of EMI due.

3) They have sent letters asking for 34 extra EMI's and recalculated loan on the basis of that.

4) They are not passing reduced interest rate benefit to all existing home loan borrowers and passing benefit to few cusotmers who paid some fee.

Even, when the matter was brought in front of Banking Ombudsman and written instructions given by him to expand tenure, they are not following it.

Kindly be aware of the malpractices of ICICI Bank and prepay your loans immediately.

You may get in touch with me for more details.

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13 Replies

Bhagavat Upadhyaya (Manager) 27 April 2011

Dear friend,

This act can't be construed as an act of fraud, so u can't sue the bank on this count.

When u have taken up the matter to the Banking Ombusdman, this office is the highest authority to solve the grivences, u can again seek guidance from them for further course of action / response of the Bank.

Regards,

Bhagavat Upadhyaya

Prakash Deshmukh (Chairman) 27 April 2011

I am agree with Mr. Upadhyay. However in my case bank have converted my account in to silver account that too without my permission and now charging me for not keeping the minimum balance required for the silver account.

SHAMINDER THAPAR (S.M) 27 April 2011

KA: READERS

I AM NOT AGREED IN THE CASE YOU PEOPLE ARE DISCUSSING. EVERYBODY KNOWS THAT THE ROLE OF OMBUSDUSSMAN. BUT PLEASE GO INTO THE FIRST TWO PARAGRAPHS OF THE ISSUE WHAT HE WANTS TOT CONVEY.

HIS INTEREST AMOUNT ON THE INCREASED TIME IS NOT INFORMED TO HIM. SIMILARLAY HIS INTEREST AMT IS NOT INFORMED TO HIM WHEN IT IS DECREASED.

RATHER WHEN IT INCREASES THE EMI IS EFFECTED BY WAY OF INTEREST ALSO. AND WHAT WOULD YOU SAY THE ADDITIONS OF MORE 34 intallements from the plantiff.

THIS MATTERS HAS BEEN TAKEN UP WITH THE OMBUSDUSMAN AND HE HAS CLEAR THIS CASE. AND WHY ..THE ANY STEPS HAVE NOT BEEN TAKEN. . I HAVE THE REASON, BECAUSE THEIR ROLE IS LIMITED ONLY TO THE EXTENT OF BRINGING THE BOTH PARTIES AND THEN SETTLE BUT THIS WILL NOT BE DONE BY OMBUSDUSMAN IN THE WAY IT SHOULD BE DONE.

RATHER THE PLANTIFF SHOULD APPROACH TO CONUSMER COURT. AND REGARDING THE REPLY OF BHAGWAT UPDDHYA THEN SIR YOU SHOULD NOT REPLIED TO THIS QUERY ON THE INTERNET IN THIS WAY. TELL ME WHERE TO COME, HOW TO MAKE THE CONTACT, WHO IS THE HIGHEST AUTHORITY.????? SIMPLY WRITING THE SAME ON THE WEB PAGE DO NOT ANSWER TO THE QUERIES OF THE PERSON WHO HAS SUFFERED AND HAS ALLEGED THE CHARGES OF FRAUD ON THE NAME OF BANK.

IF MR UPADHYA IS MORE WORRIED ABOUT BANKS REPUTATION, THEN GIVE THE COMPLETE ANSWER ALONG WITH THE DETAILED INFORMATION, PHONE NO, EMAIL ID'S OF EVERYONE WHO CAN HELP HIM. OTHERWISE NEED NOT TO COMMENT.

FREIND AS PER MY OPINION, JUST FILE THE SUIT AND GO AHEAD THIS WILL COST YOU JUST 2 TO 5% OF THE AMOUNT WHICH BANK IS ASKING YOU TO PAY MORE 34 YOU KNOW WHAT I MEAN..

WITH BEST WISHES

RGDS

VISHAL PATHAN

95307-93009

RAJU O.F., (Advocate) 27 April 2011

First the borrower has to go through the terms and conditions of the loan documents agreed and signed by him.( RBI had long back instructed banks to give copy of all the loan documents executed by the borrowers.) If the bank is arbitrarily changing the terms and enforcing such terms detrimental to you, then you are entitled to remedy. Banking Ombudsman is not the highest authority in banking. The Order passed by the Banking Ombudsman is not binding upon the complainant, unless he is agreeing for that; but normally bank has to comply it. For deficiency of service of the bank, you may approach Consumer Court.

Gopal Gora (APM) 27 April 2011

To both respected members,

1. Banking Ombudsman is handicap as he cannot get his orders implemented. ICICI Bank is not agreeing to what he decided and managed to get my complaint disposed. So, it is clear that BO is in pocket of ICICI and has no regulatory control over Banks.

2. Foriegn Banks like ICICI, HDFC, HSBC are free to do their Goondagardi... but Govt. Banks follow orders as they are employed and have to secure their jobs with Govt. of India Banks.

Banks are not following BO and even Ministry of Finance orders.

Now, I have to now file a petition but Juridiction is an issue.

Agreement was signed in Delhi, Property is situated in Gurgaon but Agreement says I need to file against ICICI Bank at Mumbai but Bank can file it against me anywhere in India

Can you give your advise?

Kumar Doab (FIN) 27 April 2011

Learned Mr. Raju,

Plese accept sincere thanks for your valuable advice.

Kindly clarify what is the right of customer:

- To get duly certified copies of loan documents i.e loan application, enclosures given by customer,

each page duly certified,under seal and signature the competent employee of the bank.

Who is the competent employee in this case, officer of the bank in cahrge of loan setion, or branch manager, or final authority who shall finally pass the loan on behalf of the bank.

-or the bank is under obligation to supply only a photocopy of the loan application, enclosures given by customer

RAJU O.F., (Advocate) 29 April 2011

The RBI circular did not specify with respect to any certification of the copies of documents by any bank authority. Even if you get a xerox copy of the documents executed by you, the Courts would accept it.

Bhagavat Upadhyaya (Manager) 29 April 2011

Dear Sir,

You can enquire from the Bank....(i) Under which circumstances the they have converted the account as Silver account, whithout my concurrence....there must be certain terms & conditions signed by you in your agreement. however, you can ask them to revert the clause.

I may add that diff. types of categories of accounts have dif. facilities, corelated with diff. conditions of operations, and there will be a provision for switch over from one type to another.

Prakash Deshmukh (Chairman) 29 April 2011

I am not going to spare ICICI bank on my issue. I will force them to revert the charges and already given them TAMBI not to foor around with my account as well as customers. Shall let this foram know the result in 15 days. If any one has any greivences then go to this site to registerd complaint. https://pgportal.gov.in if need any help then wrtie to me on deshmukh.d@gmail.com

SHAMINDER THAPAR (S.M) 29 April 2011

hi gopal

that hardly matters you just do one thing. please call me at my cell number

95307-93009

otherwise we will be fighting against the bank in the form of giving our own opinions and a day will come when you will fed of these opinions and stop writing on the web also

go ahead, pick up your cell and call me

let us see what we can do

shammi

pls confirm me in a return sms from your mobile and pls mention ur cell number.

SHAMINDER THAPAR (S.M) 29 April 2011

hi gopal

that hardly matters you just do one thing. please call me at my cell number

95307-93009

otherwise we will be fighting against the bank in the form of giving our own opinions and a day will come when you will fed of these opinions and stop writing on the web also

go ahead, pick up your cell and call me

let us see what we can do

shammi

pls confirm me in a return sms from your mobile and pls mention ur cell number.

(Guest)

Any Bank can raise the interest according to RBI instruction but what is important is to give the details about the changes that were made in relation to banking business.