Originally Posted by Sweta Sharma

Fraud by Kotak’s advisor (Kotak Assured Income Plan)

To,

Kotak Life Insurance,
Kotak Mahindra Limited
India.


Sub: Complaint regarding Kotak Assured Income Plan Policy Nos.02320722, 02320767, 02359857


Respected Sir/Madam,

This is a complaint regarding 3 Kotak Assured Income policies (02320722, 02320767 and 02359857) which were given deceitfully by Kotak’s fraudulent executive.

Complaint in Detail:
· 20 June 2011: My father (Mr. Ravi Shanker Shanker Sharma) residing at Bhopal had received a call from your Delhi Head Office and one person (Raj Saxena) introduced himself as head executive of Kotak Life Insurance company and explained him regarding an IRDA Plan supported by Kotak Group whose contents are given below :

ü He would be required to pay only a one time premium of Rs.50, 000.
ü Premium amount would be utilized in Govt IRDA fund.
ü Amount can be withdrawn after 3 months.
ü Policy holder would be eligible for 37.5 % bonus as soon as he pays his onetime premium.
ü Policy holder would get 2(15 gms) gold coins.
ü Policy holder will get a life time medical facility in reputed allied hospitals for himself and his family

On his persuasion my father purchased this IRDA fund.

· 27 June 2011: A week later after this purchase, my father again received a call from Raj Saxena informing him about his bonus payment worth Rs.37000 which was due with the company. He advised him to make a cheque payment of Rs.50, 000 to avail this bonus. He said this cheque is taken as a security and amount would be refunded with bonus payment. (I.e. a total of Rs.87000 would be refunded back).

He sent one executive from Bhopal branch to collect this cheque.

· July 2011: My father was very much surprised when he received 2 policy documents of Kotak Assured Income Plan Policy worth Rs. 50,000 each. Please note he received all policy documents in the month of July 2011.

Raj Saxena invested my father’s hard earned money (without his knowledge) in 2 Kotak Assured Income policies. Details of which are as below:


1.

Policy No: 02320722
Client Id: 54561558
Policy Holder Name: Ravi Shanker Sharma
Date of Birth: 12 Dec 1957
Policy Date: 24 June 2011


2.

Policy No: 02320767
Client Id: 54561558
Policy Holder Name: Ravi Shanker Sharma
Date of Birth: 12 Dec 1957
Policy Date: 28 June 2011


When he read the policy almost all the things documented was not in line as told by the advisor Raj Saxena.

On contacting him he said, these are not the original documents and he will get the original document after 6 months (around 24 Dec 2011) for IRDA funds as govt proceedings take time. Until then he has issued these policy documents (as an acknowledgement to client) on behalf of original documents.

He also advised my father not to disclose any bonus or gold coins terms in any confirmation call he gets from Kotak. Also, he should only reiterate what is there in dummy documents and provide his confirmation.

Time and again, he assured my father that he will get whatever promised as well as original documents by 24 Dec 2011.

· August 2011: My father again received a call from some Kotak executive who introduced himself as Manager stating that his bonus is pending with the company for which he would be required to pay Rs.25000 via cheque. This executive also confirmed that whatever Raj advised my father is correct and his bonus worth 87,000 is pending with Kotak which he will get in a week’s time once he deposits a security cheque of 25,000.Once again, my father got deceived.

His money was invested in one more policy worth Rs.25,000. Details of which are:

Policy No: 02320767
Client Id: 54561558
Policy Holder Name: Mithlesh Sharma
Policy Date: 30 Aug 2011

Every time he contacted Raj for original documents and Bonus payments, he asked my father to wait till Dec 2011.

· December 2011: Since 20th of Dec 2011, he has switched off his cell (08802201264).We are unable to contact him and have not received any original IRDA documents as promised by him.

On the whole all the above said commitments by the advisor are not in line as per policy my father received from your company.

Please be informed that my father is going to retire in 2017.He would not be able to continue this plan for 15 years. We need to terminate these policies immediately and want back our full amount for 3 policies worth Rs.1.25 lacs with suitable interest for 6 months. Also, appropriate action should be taken against such fraud executives; they are misleading people behind a big brand name “KOTAK”.



We believe appropriate justice would be provided to us otherwise we would be forced to complain in consumer court and police.



Thanks!

Sweta Sharma

Daughter of Mr. Ravi Shanker Sharma

Dear Sir/Madam,

We would coordinate with you on the details available as per our records.

We will ensure a resolution on priority. You can either write to clientservicedesk@kotak.com or call our Client Service Desk at on 1800 209 8800 (Toll Free).

Regards, Kotak Support Team

Dear Sweta,

Here is our complain against kotak: please find with this "82909" on this site.

We are three Kotak's Victims, and we have been struggling horribly to get our Sweat-Money back, but Kotak's top most officials want us to go to Court to get back our money!!

There was fraud done with all three of us with the same pattern, and we believe that there would be many many more such fraud done with the same pattern.

Kotak's top-most officials refused to solve on our complain and they even did not consider the proofs we provided to them on their demand.

We sadly have to say based on our experience with even top-most kotak officials that they would never solve it until we approach to Powerful-Public figure, they even know if we'd fight individual then they can easily defeat us even if they know that fraud is done with us, so now we three people are fight against Kotak to get back our sweat-money and to make them solve on the case of fraud done at their end.

- Sanjay