Subject: “EQUITY GROWTH FUND” THAT HAS MISFIRED
1. This is to express my views on how the Bajaj Allianz / Standard Chartered Bank combine has been misleading the public with their investment schemes
2. The undersigned is a 26 year veteran from the Indian Army. Since 1998, I am happily engaged with Standard Chartered Bank for my banking needs.
3. However an apparent un-holy alliance between Standard Chartered Bank and Bajaj Allianz has been our undoing as indicated by details given below:-
(a) Policy Number: 0025057697: An amount of Rs 03 Lakhs was paid as premium for Equity Growth Fund in three instalments on 28 Aug 2006, 09 Oct 2007 and 28 Oct 2009
(b) The Investment Advisor had been monitoring the schedule of payments and each payment of Rs 01 Lakh was personally handed over to the Investment advisor on the dates suggested for favour of delivery to Bajaj Allianz
(e) We requested for surrender of the policy on completion of the mandatory three year period after payment of the last premium
(f) An amount of Rs 227310.62 was credited to our account in May 2012 as surrender value on an investment of Rs 300, 000 that was started in 2006. We have incurred a net loss of Rs 72689.38 on the principal amount
4. Ironically Bajaj Allianz has named this investment plan ”EQUITY GROWTH FUND”. Many more small time investors like me would be victims of such cut-throat business practice of Bajaj Allianz
5. Neither Bajaj Allianz nor Standard Chartered Bank has responded to our letter on the matter. Will the Fund Manager of Bajaj Allianz kindly indicate where the growth has happened?
Col John Abraham