Hold HDFC Bank Accountable for Illegal Practices

0 have signed. Let’s get to 500!

I now fully understand how Nirav Modi got away with what he did. HDFC has removed and deposited money in my mother’s account and my account and, worse still, invested in a HDFC Life product without my permission.

Here are the details:

In March 2017 I had authorised a HDFC Life policy for INR 1,50,000 in March 2017 and that was denied due to my medical condition. I clearly told them that I did not want to go ahead after this.

Then, without my authorisation, HDFC withdrew INR 1,30,000 from Elsie Mathew (my mother’s) account. When I was contacted for the telephone verification, I was shocked and I informed them that I did not authorize, and so this was returned. However, it was then deposited into my account (Pramila Mathew) in June 2017.

Then, again without my authorization, INR 1,50,000 was withdrawn and the HDFC Life Assured Pension Plan of policy number 19217998 was bought. I do not recall getting a phone call for my authorisation. I did not authorise the investment nor the product.

I have bank statements that prove all of the above.

Since June ’17 I have following up with Pawan Dayal, @HDFC Prince Towers Branch Manager, about all these unauthorised transactions and he has not taken any significant actions. Finally, first week of February he referred me to Mynthra of HDFC Life and after numerous follow ups she informed me that there was a mismatch between my specimen signature and the ones that are on the HDFC Assured Pension Plan application. She then sent someone and took 3 of my specimen signatures. I requested to see the documents with the signatures and she said that the operations team is insisting that I have to go there physically even though they were informed that I am in a wheelchair and the place is not handicap friendly. I said that I would go there the next day. But the next day I was informed that I had to sign yet another letter so that the original documents can be sent from Mumbai. In short, the documents were never shown to me.

I then strongly insisted with Pawan that I need to speak to a higher authority so he put me on a conference call with Mr Jagdish, Deputy Vice-President of HDFC Life. Mr. Jagdish admitted that the signatures did not match and that he would release the Rs.1,50,000 at the earliest. I requested to see the signatures and he said that he could not do so as his legal team will have to get involved. I also informed him that simply returning the money will not suffice.

Finally in the last week of February they sent me an email stating that I can claim back my INR 1,50,000. There is no mention of compensation or acknowledgment of wrong doing.

I wrote to the Banking Ombudsman who is now investigating the case.

I am appalled that forgery is treated so lightly and no one is being held accountable for illegal and criminal activity by the  HDFC bank. Almost one year later, no justice has been done. Is Aditya Puri is aware of these activities?