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ICICI Prudential / fraud

1 CA, United States Review updated:

I had opened an account with ICICI Bank S.C.O. 21-22 Phase 7 Mohali in March 2009. Mr. Vinod Kumar (NRI Executive IBG-NRI Services) with mobile no. [protected], phone no. [protected]
We reached ICICI bank to open a CD Account in ICICI bank. Mr. Vinod kumar told us that CD will return only 6.75% we should open a policy that will provide us atleast
10% yield. We were reluctant to open that policy becasue we did not trust the performance of shares. He showed us some chart that showed the performance of the policy.
We asked him about the conditions of the policies he said we have to pay one lakh for three years then we asked him if we don't want to pay that money he replied that is ok
he never mentioned that we are going to get charged for that. Nothing else was mentioned. We signed some paper he gave us a receipt. we left the place and within that month
we flied back to U.S.A.

After one year my son-in-law's brother who lives in india and also has a mailing address told me that ICICI bank is asking for policy payment. I checked the policy i saw no increase in
money so i was reluctant to invest more money so i replied to my son-in-law's brother that it is ok we did not submit another lakh Rs. becuase i did not see any growth in money and also
Mr. Vinod Kumar assured us that nothing will happen.
After 3 months my brother again called me that ICICI deducted 14000 Rs. for the name of allocation funds. I called them asking what allocation they did and i send email.
They replied with policy declaration that this is defined in the policy. I saw that first time. Then i thought it ok if i loose 14000 Rs i want to cancel the policy i send them a email
to cancel the policy then they replied with another surprise that now we will get 25% of the policy.
We were shocked to see that policy. I have two witness that went with me to open the accont and they can testify that Mr. Vinod Kumar never explained us the policy terms and conditions.
This is total Fraud to loot NRI Money. I still don't understand that how they can cheat my money.

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  • Ic
      30th of Nov, 2010
    0 Votes


    We are sorry to hear your experience. Please write to us on with your policy and contact details and we will get in touch with you as soon as we can.

    - ICICI Prudential

  • Sn
      2nd of Dec, 2010
    0 Votes

    A lady from ICICI prudential tried to contact me in the morning i was at work by son in law gave her my cell phone but she never called back. email is most reliable method of communication. Please send a email regarding what information the lady wanted to pass on to me.

  • Vi
      1st of Jul, 2011
    0 Votes

    ICICI Prudential is fraud company who has no control on mis-selling ...they suck

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