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Thread: Fraud & Cheating by Kotak Mahindra Bank

  1. #1
    Shashank Srivastava Guest

    Default Fraud & Cheating by Kotak Mahindra Bank

    Dear sir,
    I am highly disappointed with Kotak Mahindra banking services. Please read carefully about my case because through this mail I am giving the bank to a time period of one week i.e. for the date 27/10/2009 to take necessary action against their employee and also giving me a compansation otherwise then after I will go to consumer forum for the case matter. I have sufficient documentry proof to show the matter at forum.
    The case matter:
    ===========
    1) The date of 25/09/2009 your sales employee Mr. Ramesh Kumar (Employee Code: 22819 Branch: Lajpat Nagar) has came to my office for opening my saving account. He had offered me for "Zero Balance Account" and a credit card with that account. He had asked me for my ID proof, Address proof and also the initial cheque of amount Rs. 10000/- (Ten thousand only). I have submitted all the concern documents as well as the cheque (Cheque number: 005976, Bank: ICICI Bank) of same amount. He told me, I will receive the SMS on my mobile number 9958284892 within two to three working days as a confirmation about the account opening process.
    2) On the dated 6/10/2009 the amount of Rs. 10000/- was debited from my account towards the account opening initial balance. From the date till now I have not received even a single messages form your bank regarding my account opening process and from the same day to till now, the mobile of Mr. Ramesh Kumar was found in switch off mode.
    3) After enquired a lot from my side to your bank and also a lot of other employees of your bank I knew that my account was not opened so for. Mr. Jackob (Team Leader, Mobile number: 9811801756) told me that I should again submit a form of dual signature. While the same I have submitted already, I was again submitted it to Mr Vipul (Mobile number: 9999200978) "both are of your employees" on dated 13/10/2009.
    4) After completion of all formalities from my side I did not know under what circustance Mr. Jackob has informed me that Kotak bank is neither giving me a "Zero balance account" nor the credit card and I should to maintain minimum balance of Rs. 10000/- balance in my account. And then after my account form is rejected (I don't know why?). He told me that they are arranging form bank side to return my cheque amount of Rs.10000/-
    5) After making a lot of call from my side, on the dated 20/10/2009 your bank have refunded me my amount through the banker's cheque number 005471 from the Karol Bagh branch.
    =====================>>>>>
    Now the point is that; is it not the lack of services for consumer?
    How can your bank may have my fund of Rs. 10000/- for a such long period of time (15 days)?
    Why not bank resopnce me back regarding my account processing while bank shows hurry to take Rs. 10000/- from my account?
    How is it become possible that, Mr. Ramesh Kumar give me the receipt of form number "010920414431" while after my approach bank have return me back the xerox of my form whose form number is "010920502220". How would it differ?
    This is really a case of cheating and fraud then why not I have to lunch a FIR to police station regarding the cheating and fraud? and why not I have to go to consumer forum?

    Please do needful as soon as possible. If required I can give you xerox copy of all dcouments i.e. receipt, form number, cheque and other documents.
    Regards
    Shashank Srivastava

  2. #2
    Unregistered Guest

    Thumbs down KOTAK Life Insurance Issueed Policy on FORGED Signatures on of Premium of another Pol

    Subject:- Forced Migration from one policy(no.:- 01335971) Client ID 52107562, KOTAK SMART Advantage (107L043V01) to another policy(no.:- 02075352), Client ID 53972055, KOTAK Super Advantage (UIN-107L058V01) by KOTAK LIFE Insurance on FORGED SIGNATURES.
    Dear Learned Friends, I need UR help & guidance on following:-

    1. I had a policy no.:- policy(no.:- 01335971) Client ID 52107562, KOTAK SMART Advantage (107L043V01) dated 04/10/2008 Against an annual sum of Rs.36,000.00 with due date of October of every year. I had paid up two installments i.e. a sum of Rs.72,000.00.

    2. In July,2010 I got a reminder telephone call from a support staff of KOTAK LIFE INSURANCE explaining me the scheme that since the ban on ULIP is now lifted by the Govt. of India. So, KOTAK LIFE INSURANCE has a scheme that if you make a pre-payment of the due installment of Rs.36,000.00 in month of July,2010 against the due date of October,2010 then I shall be entitled for an assured sum of Rs.1,50,000.00 in January,2011. (i.e. Rs.72000 paid upto Oct.2009 + Rs.36000 paid in July,2010 = Rs.1,08,000.00).

    3. They sent a messenger at my residence to collect the payment which I paid vide cheque no.:-822546 dated:-28/07/2010 Amounting to Rs.36,000.00 drawn on HDFC Bank xxxxxxx Delhi in favour of KOTAK LIFE INSURANCE Policy No.:- 01335971. On 06.08.2010, I received a policy no.:- 02075352, Client ID 53972055, KOTAK Super Advantage (UIN-107L058V01) dated :- 02/08/2010. After going through the policy I found that it was issued on my forged signatures. I had never made any request for such migration/ issuance.

    After going thru the new policy I observed that the last few pages of the policy contain the scanned image of 8 nos page of form no.:- KP 02075352 which reflects my forged signatures invariably on all pages.

    I want to sue the KOTAK Life Insurance under section 420 of Indian Penal Code & compensation, please guide where to approach & how?

    Please help me ur guidance is valuable to me.

  3. #3
    Unregistered Guest

    Red face cheating done by Kotak Life

    pls help to get justice..

    With extreme agony and pain I’m writing this mail to you all. Pls find below details of two policies

    sold with wrong information (MIS-SELLING) to my father (Mr. Malik). Policies are in the name of my Mother (Mrs. Swadesh Bala Malik)

    A person with the name Sachin called-up my father ( Sachin’s Mobile number – 9871669706 & Landline number – 011- 43619339) and sold policy No. 01749643 and later after one year, Sachin called-up my father and told him that this fund is discontinued hence my father will get Rs. 72, 000 back on the invested amount of Rs. 50,000 and policy will be closed, if my father opts for another policy worth Rs. 24,999. My father being not very literate agreed and buys Policy No. 02147245 of Rs. 24,999. Now my father is waiting for Rs. 72,000 and Sachin is not picking up his calls since 2 months now.

    I want that my father should get Rs. 72, 000 as committed + Rs. 10,000 compensation for the first policy no. 01749643 and Rs. 24,999 + 8% p.a interest for the wrong commitment and harassment he has faced by Kotak in front of his family for the second policy no. 02147245 Both the policy should be closed and we don’t want to engage Kotak ever in our house now. Name of policy holder – Svadeshi Malik(wrong spelling in the policy doc., correct one is Mrs. Swadesh Bala Malik) should be corrected for record purpose only. Last but not the least, employees like Sachin should be taken for a task on ruining Kotak image.
    Policy Details 1

    Policy No. 01749643
    Client id . 53153596
    Policy date. 18/11/2009
    Policy Holder Name – Mrs. Swadesh Bala Malik
    Name of Plan – Kotak Smart Advantage (UIN -107L043V01)
    Premium Paid – Rs. 50,000

    Policy Details 2

    Policy No. 02147245
    Client id . 54149487
    Policy date. 18/10/2010
    Policy Holder Name – Svadeshi Malik(wrong spelling in the policy doc., correct one is Mrs. Swadesh Bala Malik)
    Name of Plan – Kotak Surakshit Jeevan(UIN -107N042V01)
    Premium Paid – Rs. 24,999


    Regards,
    Saurabh Malik

  4. #4
    Kotak Support is offline Senior Member
    Join Date
    Oct 2010
    Posts
    395

    Default

    Quote Originally Posted by Unregistered View Post
    pls help to get justice..

    With extreme agony and pain I’m writing this mail to you all. Pls find below details of two policies

    sold with wrong information (MIS-SELLING) to my father (Mr. Malik). Policies are in the name of my Mother (Mrs. Swadesh Bala Malik)

    A person with the name Sachin called-up my father ( Sachin’s Mobile number – 9871669706 & Landline number – 011- 43619339) and sold policy No. 01749643 and later after one year, Sachin called-up my father and told him that this fund is discontinued hence my father will get Rs. 72, 000 back on the invested amount of Rs. 50,000 and policy will be closed, if my father opts for another policy worth Rs. 24,999. My father being not very literate agreed and buys Policy No. 02147245 of Rs. 24,999. Now my father is waiting for Rs. 72,000 and Sachin is not picking up his calls since 2 months now.

    I want that my father should get Rs. 72, 000 as committed + Rs. 10,000 compensation for the first policy no. 01749643 and Rs. 24,999 + 8% p.a interest for the wrong commitment and harassment he has faced by Kotak in front of his family for the second policy no. 02147245 Both the policy should be closed and we don’t want to engage Kotak ever in our house now. Name of policy holder – Svadeshi Malik(wrong spelling in the policy doc., correct one is Mrs. Swadesh Bala Malik) should be corrected for record purpose only. Last but not the least, employees like Sachin should be taken for a task on ruining Kotak image.
    Policy Details 1

    Policy No. 01749643
    Client id . 53153596
    Policy date. 18/11/2009
    Policy Holder Name – Mrs. Swadesh Bala Malik
    Name of Plan – Kotak Smart Advantage (UIN -107L043V01)
    Premium Paid – Rs. 50,000

    Policy Details 2

    Policy No. 02147245
    Client id . 54149487
    Policy date. 18/10/2010
    Policy Holder Name – Svadeshi Malik(wrong spelling in the policy doc., correct one is Mrs. Swadesh Bala Malik)
    Name of Plan – Kotak Surakshit Jeevan(UIN -107N042V01)
    Premium Paid – Rs. 24,999


    Regards,
    Saurabh Malik
    Dear Mr. Malik,

    We were unable to reach you on the contact number P#9953001853 you had provided for the resolution of the complaint.

    However, we would like to inform you that we will investigate the matter completely and respond accordingly.

    We request you to kindly write to us on kli.grievance@kotak.com for any further updates. You may also contact our Client Service Desk on 1800 209 8800 (toll free).

    Regards, Kotak Support Team

  5. #5
    j.sivaji@gmail.com Guest

    Thumbs down Kotak Mahindra is Cheating people in kerala

    My name is Udaya Kumari .I have taken a policy from your agency at LIC
    Pattom Trivandrum Kerala.My policy number is 00914933 my client
    id=51243162.Its a half yearly plan of Rs 10000(Ten thousand) for a sum
    total of 60,000(Sixty Thousand).My plan is Kotak Flexi Plan II.Your
    agents name Rajeev Thomas(KD318) and Simmi Shibu(KD146) came to my
    house and canvassed me stating that after three years i will get a sum
    of 1,20,000(one lakh twenty thousand).I hav taken the plan on
    26-02-2008 and this february my policy is over and i went to claim my
    money back.Now i came to know that they will offer a sum of
    47,000(forty seven thousand only) which is not even the initial amount
    which we deposited.Then i found that this cheating business was going
    on from when it started.Many peoples money are lost by depositing in
    your firm.I don't know whether the head office is behind this.If you
    are not aware of this please take necessary action at the
    earliest,otherwise you have to see many suicides for the same cause as
    stated above.My husband is a farmer and we are residing in a rented
    house.Its very difficult for me to pay the regular instalments but due
    the sum the assured we thought that at the end we would get our sum
    back with sum assured as above.But this news is really shocking the
    agents say that the company is behind this and they are not
    responsible for the loss of money and asked us to complain if we want
    to.

  6. #6
    Unregistered Guest

    Exclamation Kotak really cheats

    I'm a corporate A/C holder of Kotak Mahindra bank. Kotak's represtative ensured that its free A/C but they deducts a hefty annual charges. Rs. 735 /- / year. Maintenance charge 440 rs & rest is for debit card which is 6 times higher than SBI / ICICI bank. These guys cheats a lot....

  7. #7
    Kotak Support is offline Senior Member
    Join Date
    Oct 2010
    Posts
    395

    Default

    Quote Originally Posted by Unregistered View Post
    I'm a corporate A/C holder of Kotak Mahindra bank. Kotak's represtative ensured that its free A/C but they deducts a hefty annual charges. Rs. 735 /- / year. Maintenance charge 440 rs & rest is for debit card which is 6 times higher than SBI / ICICI bank. These guys cheats a lot....
    Dear customer,

    We would like to assure you that we are transparent about the various fees applicable to an account, and a fee schedule is also available on our website for all account-related transactions.

    However, to better assist you with your specific concerns, we request you to write to solutions.bank@kotak.com with your account details. A bank representative will be happy to clarify the charges levied to your account.

    Regards, Kotak Support Team

  8. #8
    Unregistered Guest

    Thumbs down Kotak's scheme to rob money...

    I held a kotak mahindra account till a year back. I closed the account since I was going out of the country and did not need their services. Though they had promised me a zero balance acount they still deducted amount from my account and brought it to negative. I was so frustrated and due to lack of time I PAID the negative to bring it to zero balance. My account number for reference is : 24573424.
    I gave a further written application by going to the branch office concerned to close the account in Aug end 2010 with an assurance that the account will be closed in September 2010. In october I made numerous calls from the US and the account still remained open and the balance started going negative. On lodging a complaint, I was assured that the account will be closed. On finding it not closed I inquired again with a further assurance to close. Another inquiry and there was no further response. Two months later I send another followup email with no response. Now I am back in India for a vacation and I call them to close the account and all that they have to ask me is IF I WANT TO PAY THE NEGATIVE BALANCE THEy CAN REVIVE MY ACCOUNT!!! Their strategy seems to be take account to negative balance on purpose and have frustrated customers pay those amounts.
    After several calls where the kotak representative Arun tried to sell me the account and me vehemently refusing each time, He asks me to complete and submit yet another request to close the account with an assurance to close it in 7 business days, so that they can again sell me their rubbish account and get more money later. In the interest of warning the general public and to inform how Kotak takes advantage of our complacency. I am submitting this complaint. I would like to assure you that I am not the only victim of this ridiculous act. Kindly take strict action against this firm. If an account closure can not be completed even after a year you can imagine what I am talking about!
    Their responses to contact customer support is useless because all the customer support executives do is beg for time, have you fill up complaints and forms and continue doing that endlessly with absolutely no results.
    My account is still not closed and I would request your intervention in that respect as well.
    Thank you, and thanks to the organization for providing respite to victims,
    Aparna

  9. #9
    SKP-WLC is offline Junior Member
    Join Date
    Jan 2012
    Posts
    9

    Angry Kotak Mahindra Policy scam, very bad company!!!

    Hi Guys, I thought Kotak Mahindra is a reputable company and I shown trust in this company, but they breached my trust and phished my decent hard earning amount, and now they are trying to squeeze my all money.
    I think they are ruining lot of investors and doing regular fraud, I will put this knowledge to CBI office in written complaint so everyone know what is happening in this company!!.
    below is email copy!! 5 years has been passed but my investment value is 1/2, they have fraud staff, who changed within 1 month, very bad company!!!
    From: Sales
    Sent: Tuesday, March 13, 2012 5:10 PM
    To: Shruthi Iyer (Central Ops, KLI)
    Subject: RE: Blog complaint for policies - 00786848,00840141 and 00904492

    As what I believed, last time when I called you to your office number then you had given assurance to help in this matter, but what has happen why you suddenly changed, our all issue remains pending as usual.
    Concern No2, why Kotak Mahindra mutual fund (NAV price) are not rising? How you all claim for better refund to investors, even it’s a 5 years and still I am not able to see my principal value, as an Investor, I have right to know all these happening and spread this news all over the internet.

    Thanks and regards
    Suunil Kumar.



    From: Sales
    Sent: Tuesday, March 13, 2012 6:23 PM
    To: 'Shruthi Iyer (Central Ops, KLI)'
    Subject: RE: Blog complaint for policies - 00786848,00840141 and 00904492
    Importance: High

    Dear Ms. Shruthi,

    Please confirm, if you have received the policy check which we send one week before to your office addresses.
    Regarding the lapsed policy of 100,000 Rs, which is not a small amount, please reconsider it with Management, we don’t want to spread panic information against investor through local newspaper and media channels.

    If in anyhow your Management is not agreed then we definitely need a written letter signed by CEO or behalf of any executive to not refund nor renew.

    Thanks and regards
    Suunil Kumar.

  10. #10
    NAVNEET SINGH VANSAL Guest

    Default fraud by KOTAK LIFE INSURANCE TO POLICY NO 01970470 ID NO 53712900

    SIR
    Fraudulently a policy in KOTAK SUPER ADVANTAGE (UIN-107L058V01) POLICY NO 01970470 CLINT ID NO 53712900
    was given to me on the assurance that after three year you can withdraw the amount .The company will paid you the amount paid plus minimum intrest @ 12%. But now the official of the company telling other way.
    This shows that company defrauding with customer by telling lie and fraudulently selling policy to costumer .
    Pl remove my grievance and justice may be done
    Regard
    NAVNEET SINGH VANSAL
    (M)

    09417145912)
    AMRITSAR PUNJAB

  11. #11
    Kotak Support is offline Senior Member
    Join Date
    Oct 2010
    Posts
    395

    Default

    Quote Originally Posted by NAVNEET SINGH VANSAL View Post
    SIR
    Fraudulently a policy in KOTAK SUPER ADVANTAGE (UIN-107L058V01) POLICY NO 01970470 CLINT ID NO 53712900
    was given to me on the assurance that after three year you can withdraw the amount .The company will paid you the amount paid plus minimum intrest @ 12%. But now the official of the company telling other way.
    This shows that company defrauding with customer by telling lie and fraudulently selling policy to costumer .
    Pl remove my grievance and justice may be done
    Regard
    NAVNEET SINGH VANSAL
    (M)

    09417145912)
    AMRITSAR PUNJAB




    Dear Mr. Vansal,

    Reference to your below complaint we are rechecking on the same on priority and would coordinate with you directly on the contact details available in our records.
    For further queries please feel free to write to us or contact our Client Service Desk on 1800 209 8800 (Toll Free)|

    Regards,
    Kotak Support Team

  12. #12
    unregistered Guest

    Default kotak bank big cheater

    I hv two accounts with kandivali branch mumbai. They hv offered me card for life time no charges. While receiving card they put condition of minimum usage of x amount must in year. Hence i hv called their customer care and asked to cancel the card but they said cant help it will be like a belt in dog's neck u cant remove it.

    But i hv not at all used the card then after a year i got bill for annual subscription. For which i hv opposed with branch manager. He was helpless and then thereafter they have debited the charges without my intimation.

    THEY ARE THE BIG LIAR AND CHEATER I HAD EVER SEEN IN MY LIFE
    BHARAT
    0932019021Q

  13. #13
    Unregistered Guest

    Default May be biggest cheater in the world.

    Quote Originally Posted by unregistered View Post
    I hv two accounts with kandivali branch mumbai. They hv offered me card for life time no charges. While receiving card they put condition of minimum usage of x amount must in year. Hence i hv called their customer care and asked to cancel the card but they said cant help it will be like a belt in dog's neck u cant remove it.

    But i hv not at all used the card then after a year i got bill for annual subscription. For which i hv opposed with branch manager. He was helpless and then thereafter they have debited the charges without my intimation.

    THEY ARE THE BIG LIAR AND CHEATER I HAD EVER SEEN IN MY LIFE
    BHARAT
    0932019021Q
    You can see my previous complaint for cheating.

    after long conversation they have reversed debited amount and also promised to cancel my card as i have never used and do not trust to kotak bank. in response to my request they have given response and said that, it will take two months which is normal procedure time and we will cancel yr card.

    and to my surprise again they have send me bill for Rs. 560.68 for new member ship!!!!!!!!!!??????? new charges for current year?????!!!!!

    I do not understand of their joy harassment to customers for no reason. it seems they want customer to be harassed till the life they have account with kotak bank.

    REALLY ITS SHAMEFUL FOR THE BANK WHO IS INTERESTED IN MINTING THE MONEY AND HARNESSING CUSTOMERS BECAUSE THEY HAVE MADE MISTAKE AND OPENED THE ACCOUNT WITH KOTAK BANK

    IF IT IS ONLY WAY OF MINTING THE MONEY FOR THE BANK THEN BETTER GOOD BYE TO THE BANK.

    DUE DATE SUGGESTED BY BANKER IS 03-10-2013. IF THEY ARE NOT REVERSING THE STATEMENT OF ACCOUNT THEN DEFINITELY I HAVE TO CLOSE MY ALL ACCOUNTS WITH THE BANKS AND LAST DATE TO BANK FOR REVERSAL OF STATEMENT FROM MY SIDE IS 23.09.2013 AND SAY GOOD BYE TO THE DEVIL DIRTY MONEY MINTING CHEATER BANK
    BHARAT RAJA
    09320190211

  14. #14
    Kotak Support is offline Senior Member
    Join Date
    Oct 2010
    Posts
    395

    Default

    Dear Sir,

    Apologies for the inconvenience caused. We would like to inform you that your details have been forwarded to our Credit Card team official for further investigation and assure you of a response at the earliest addressing all your concerns in totality.

    Assuring you of our best services at all times.

    Thanks and regards,
    Kotak Team.

  15. #15
    Unregistered Guest

    Angry KOTAK MAHINDRA bank FRAUD bank

    one of the employee from kotak mahindra fraud bank was standing in tea stall taking to another kotak mahindra fraud bank employee "that he met a customer with 25 crore -that customer want to make some AML transaction with this 25 crore.so this kotak mahindra bank employee wants to help him with a compensation of 10 lakhs AIP insurance scheme.She is saying it is already 3/4th completed still some signs she need to get.

    I think all frauds are employeed in KOTAK MAHINDRA BANK ONLY.THAT TOO IF BRANCH MANAGER ARE fraud LADIES and also SERVICE MANAGERS ARE fraud ,torture LADIES in big branches.

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