| Author | Message | ||
Ustad Megastar Username: Ustad Post Number: 25115 Registered: 07-2008 Posted From: 76.169.161.29 Rating: N/A |
Reputed banks kuda cheat chesete inka evarini nammali...too bad. The happiness of most people is not ruined by great catastrophes or fatal errors, but by repetition of slowly destructive little thing - Ernest Dimnet | ||
Thikka_sankara Megastar Username: Thikka_sankara Post Number: 20911 Registered: 02-2012 Posted From: 122.164.201.21 Rating: N/A |
Stan chartered, city, hsbc laanti anni banks lo common mal practices.... Especial gaa high worth individuals ni baaga target chestaaru.... City lo def ga ilaanti case vinna....past lo keka link: fikileaks, | ||
Ustad Megastar Username: Ustad Post Number: 25114 Registered: 07-2008 Posted From: 76.169.161.29 Rating: N/A |
When Banks Cheat Customers Dr Abhik De, a highly qualified doctor in Kolkata, had an account with Standard Chartered Bank. Since 2005, the Bank also managed his mutual fund investment which was Rs1.56 crore in 15 schemes. In a 19-month period after May 2008, Stanchart switched and churned his portfolio over 200 times causing a massive loss of Rs68.28 lakh. In so doing, the Bank often forged signatures on transaction slips. At least 50 transactions in July-August 2009, all loss-making, were a give-away since he was out of the country. Dr De confirmed the forgery by writing to each mutual fund and seeking photocopies of transaction slips. Dr De says that some of the forged signatures were even attested by Stanchart officials. When he complained, the Bank initially dismissed his complaint as false and frivolous. A reckless churning of mutual funds to earn commissions as well as entry- and exit-loads can only happen when there is a nexus between âwealth managersâ and the fund managers. Dr De complained to the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) but got nowhere. Over the past four years, he has slowly gathered enough evidence to file a police complaint. Dr De describes the attitude of regulators succinctly and colourfully. He says, âIf a person is murdered with an unlicensed revolver, the judge does not ask for the source of the weapon. He conducts a murder trial.â Our regulators have all been focused on trivial technicalities rather than justice even when violation of their own regulations is very clear. The happiness of most people is not ruined by great catastrophes or fatal errors, but by repetition of slowly destructive little thing - Ernest Dimnet |