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ICICI Bank / fraud and cheating!

1 India Review updated:

My husband Steven D'souza (who holds and NRE account in your bank) and myself went to the ICICI Bank, Vashi Branch some time in April 2007. We wanted to invest our money and Mr. Anjan Raisinghani at ICICI Bank, Vashi, was helping us do the same. He had suggested we go in for an FCNR Deposit which has a maturity period for about a year. We told him that we might require the money to buy property and might have to cancel the FCNR before its maturity and would not like to loose out in any way. He told us that if we canceled we would only not get any interest, the principal amount would stay the same but we would have to pay Rs.1000/- as cancellation charges. We also confirmed with him that as our INR money would be converted to US$, at the time of cancellation would we not loose any money if the exchange rate drops. He again assured us that our money will be as it is and only Rs.1000/- will be deducted. We then asked him several times more if we are going to loose out on any more money besides Rs.1000/- and he kept saying no and told us not to worry.

We then invested rupees ten lakhs in the FCNR Deposit. After around two and a half months we bought some property and had to cancel the FCNR. Straight away Rs.50,000/- approximately was debited from my husband's account. We were shocked and when we contacted the bank they informed us that the debit was because of exchange loss at the time of canceling the FCNR.

We spoke to Mr. Anjan Raisinghani several time and told him that he has done the wrong thing by misguiding us and that the exchange loss debited should be credited back into our account. He did not seem concerned at all he told us he cannot do anything. I then told him that i will go to higher authority and complain. He said that i can go to whomsoever i want and that he does not care and he said that i will tell them that i informed you about the exchange loss. I was stunned when i heard an ICICI Bank employee speak in such a way. Instead of apologizing he is ready to lie further.

I went to ICICI Bank, Vashi Branch and met with the Branch Manager, Ms. Mamta Ashar. She said that i could contact Mr. Chandrashekhar who handles this section. Mr. Chandrashekhar was unable to help and said that i could contact Mr. Kartikey Hemani. All Mr. Hemani did was protect Mr. Anjan and he also mentioned to me that 'he would have done the same thing if he were in Mr. Anjan's place', which means he too would have misguided us. I was shocked once again. Its unbelievable that employees of ICICI Bank speak like this. Instead of sorting the problem they are protecting their friends at the customer's cost, it definitely seems like that.

I then asked Mr. Hemani for details pertaining to the transaction several days ago. I received his regrets for the same today. I was once again shocked. As per RBI rules, a bank has to give their customer information pertaining to their account. I again sent him a mail requesting for the same, but there as been no reply so far.

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  • So
      22nd of Sep, 2007
    0 Votes

    This is regarding the DLF IPO. I have submitted a cheque on the 19th of July 2007 with the Sector 14 branch of ICICI BANK in Gurgaon. But, the cheque was never encashed and the IPO Shares never got transfered to my account.

    I have now received a letter from Karvy that the money has not been received by them and that I have to pay an interest of 12%p.a. over the unpaid amount (from 20th July to present date) in addition to the unpaid amount.

    I wrote to the ICICI BANK also, but I didn't get any positive response. They say that I have to visit the branch and get the matter sorted out. I have the receipt of the bank with bank stamp on the paid-up IPO slip mentioning the date.

    Please advise smb!

  • Ma
      5th of Mar, 2008
    0 Votes

    I strongly agree with you .I have also been cheated my details were collected by some so called icici bank guys .anjali sharma (9718210744)she called me up asked for bearer cheque also to pass my loan .Now i am trying to reach her on her mobile no she is not availble.dont trust www.apnaloan .com also

  • Ra
      8th of Sep, 2008
    0 Votes
    ICICI Bank - Fraud and cheating
    ICICI Bank

    Recently I had terrible experience in getting home loan from ICICI bank. I was working with Mumbai branch. I can provide you loan number and other details if that helps in improving the service. There is no systematic process exist in ICICI Home Finance to give at least average experience to customer. Our all papers for property and eligibility was good but their attitude is, like government office. Staff will responds like …

    It will just take 10 days to get the loan. *(This mean it takes 10 weeks to process the loan). Property valuation person will contact you ASAP. *(Make sure you remind them so they work on your schedule)
    Come tomorrow morning and we will have section letter ready for you. *(This mean, call tomorrow morning to find the status and we will give you next schedule based on progress).

    You will get disbursement cheque just in 5 days after section letter *(This mean, it will take 2 weeks to process for disbursement). You have now submitted all papers and signed everything for approval *(This mean, Wait for next surprise and most likely it is your fault that you consider less than 2 and ½ month for loan section/disbursement).

    You will meet lot of DSA and Staff who thinks that they might able to handle it with x (*alternate) paper but no, they will give you surprise right time when you submit application and waiting for it to approve.
    Loan agreement is so rigid that you and your next society both needs to sign on their NOC papers. Read terms before you sign. I had big challenge in getting signature from society.

    There is no process exist from customer point to understand the whole journey.

  • Br
      16th of Sep, 2008
    0 Votes


    One day i got sms from my mobile that is u are using ur card to pay to andra tax for rs 16000. We got shocked and immediately blocked the card which we have not done the transaction. And we called customer care they said to send mail.We did the same and they gave one req no.and they said we need time for 60 days.This happends on Apr month.We have agreed. we send mail to cusomer care on june reg this.They said sever investigation is going on so pls wait.we send mail more than 10mails but we did not get any reply from their side but they used sent icici collection person to home. If we called to there sometime they did not attend the call, if they r attended they use to cut the call. Then again we put the mail to icici they said ur request has been sent to Hydrabad Gov., so pls waiti upto Sep month. Then again we sent mail to this month they said UR REQUEST NO DOES NOT EXIT PLS NOT THIS NEW REQUEST NO.

    What they r doing, Is they Cheating the Customer.

    Nothing response till now.


    Britto Fredrick Antony

  • Xx
      19th of May, 2009
    0 Votes

    I'm 100% agreed with the Mrs. D'souza. The service of ICICI Bank is worst. They only believe in taking money. Even they don't provide their branch telephone numbers of their website. Why they are not mentioned their branch contact numbers? Everytime you have to call their customer care for small things. Last year they have bounced my cheque when I went to the branch and asked them for the reason for bounce of check they told me that i don't have sufficient amount in my account to met the cheque. I was shocked to know the reason they given because i had enough money in my account. I shouted on them and asked to check. They checked and found that there is enough amount in my account. They apologize for that and asked for the counter slip which and tore it so that i can't take it to the higher level.

    I think ICICI Bank give training to their employees to how to cheat the customers. They will never try to help you and start arguing with you for their own mistakes. I have many bad experiences with them.

    I advice people to not to open accounts or deal with ICICI Bank. They are cooperate thieves. They always hide the information from their customers.

  • Al
      15th of Jul, 2009
    0 Votes

    ICICI has cheated thousands of customer. ICICI is a fraud. I request all the reader please be careful with ICICI. Do not apply for any credit card. Do not try big transactions through ICICI online system. They have various agents. Through them they create face credit cards, and all the illegal things. Finally, they threat you in call. They send agents(gunda) to your home. DO NOT TRUST ON ICICI.

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