Hon'ble Sir,

Subject: Non compliance of orders of BO, RBI and EMI Fraud, Accounting Fraud by ICICI Bank

Sir,

I had taken a home loan of Rs. 3927015/- in March 2006 from ICICI Bank on floating rate with fixed EMI's to be paid for first 84 months.

I am supposed to pay Rs. 2487216/- in 84 months (24544 for first 24 months and 31636 from 25 to 84 months) as per Clause G of the Home Loan Agreement.

Till 31/3/2011, I was supposed to pay 1727952 = (24544 * 24 + 31636 * 36). I have paid Rs. 2336081 as per their statement and the excess amount paid by me is Rs. 608129/- (2336081 - 1727952) as per the latest statement of account received on 30 April 2011 with reference to my service request no. SR175261402.

Now, the excess amount paid by me needs to be adjusted against the Principal Outstanding, so my principal outstanding should be equal to (EMI paid - EMI due) to be computed on monthly balance till 31 March 2011.

1) ICICI Bank overcharged EMI's and did not adjust excess amount paid by me against principal and rather adjusted it against interest and is showing higher amount in the Principal Outstanding. This is an Accounting Fraud which classifies ICICI Bank equivalent to Satyam Fraud.

2) ICICI Bank has not increased the tenure of the loan on each interest revision when interest rate moved upwards. Rather, it chose to increase EMI's violating Clause G of the home loan agreement.

But, clandestinely, reduced the tenure of the loan when interest rates moved downwards.

3) ICICI Bank has wrongly calcuated home loan since 2007 as it showed 34 extra EMI's as per their letter dated Jan 19, 2007. This EMI Fraud since Jan 2007 classifies this bank equivalent to Satyam Fraud.

4) ICICI Bank increased my EMI of Rs. 24544 and 31636 to 43159 without checking my repayment capacity and never felt the need to check it.

This 100% increase in EMI without checking my salary is against the basic principle of Lending itself and automatically introduces risk of defaults in the system.

5) ICICI Bank never took my consent to increase EMI which is against RBI master circular on Floating Interest rates.

6) ICICI Bank has reduced intrerest rates of some borrowers by charging a fee and deprived me of the same by not sending proper communication to my address.

7) ICICI Bank unauthorizedly tried to access and debit my HDFC account on various occasions without informing me and without my permission on dates other than when EMI is to be debited.

I had raised a complaint to Banking Ombudsman, RBI vide complaint number 201011014004014 and it was decided on 21/3/2011 and handwritten instructions were given to ICICI Bank to increase the tenure of the loan and follow structured pattern of EMI's.

ICICI Bank did not comply with the orders of BO, RBI got engaged with RBI officials and tried to get the matter disposed from his authority.

I seek your intervention in the matter and request you to grant relief.

1) Direct ICICI Bank to follow orders of RBI dated 21/3/2011

a. Treat excess payment as Principal on monthly basis

b. To increase tenure of the loan whenever interest rates increased.

c. Follow structured pattern of EMI for the remaining 24 months.

d. To direct ICICI Bank to charge reduced interest rates (as agreed upon in the order dated 21/3/2011 and their letter to me)

e. To waive bouncing charges and other outstading interest as it is not due because of excess payment made by me.

f. To refund bouncing charges levied by HDFC Bank on account of charging higher EMI's which I was unable to pay as they were not due to ICICI Bank.

N.B. I could not upload PDF files of the documents due to size constraints. I would provide the same in hearing of the case.

Thanks & Regards,
Gopal Gora
H. No. 658, Sector - 46, Faridabad, Haryana - 121003
email: gopal.gora@mind-infotech.com
Ph. 9811997887