K DAYALDAS J
March 22
Respected Sir,
VERY VERY SERIOUS MATTER- REQUEST FOR YOUR ACTION IN MATTER.
Re: Indiabulls implicated thousands of Maharashtra youths in bogus cheque bounce cases in New Delhi Courts to extract extra money, bringing poor borrower near to suicidal point.
Re: Complaint against Indiabulls Financial Services Ltd. F-60, 2nd floor, Malhotra Building, Connaught Place, New Delhi- 110 001.
Ref: Loan Disbursal No. S000179323 (Rs.27, 342/-)
I would like to bring to your kind notice that I had taken a loan amount of Rs. 25, 601/- from M/s. Indiabulls Credit Services Limited (Indiabulls Financial Services Ltd.) by cheque bearing No. 431950 dated 25/5.
The said company had obtained from me 10 blank cheques as a security for the said loan amount.
Sir, I had made the payment of monthly installment of Rs.1800/- continuously for 10 months, but due to sickness of my mother who was admitted in ICU, in hospital I couldn’t make the payment of one month viz. June, however their recovery officer Mr. Mahatre & Ramesh Patil collected me part payment of Rs.1000/- on 30/6 and allowed me to make the payment of next ESC by cash.
It is highly regretted that without any intimation to me, the above said finance company has deposited one of my blank cheque bearing No. 78870 by filling the false amount of Rs. 28, 249/-thereby the said company has misused my cheque and in spite of my efforts to solve the dispute I offered reasonable amount i-e pending principal amount & interest amount. But to extract extra amount from me Indiabulls filed bogus cheque bounce case against me in Patiala House Court, New Delhi. Against the loan amount of Rs. 25, 601 on 25/5 I had already paid Rs.22, 600/- and as it is very tough for me to defend the suit in NEW Delhi traveling from Mumbai, finance company black mail me and forcing me to pay more Rs.33208/- plus uncharged interest. To extract extra amount from me finance company tactically implicated me in cheque bouncing case. Finance company filed thousand of cheque bounce cases of Maharashtra youth in New Delhi Court.
At he time of handing over the loan amount cheque to me they given me loan disbursal letter dated 25/5, that contained only details of Loan amount, and EMI amount of Rs.1800/- they purposely not mentioned the details of rate of interest or number of EMI or tenure of loan period. They have taken the signs from me on printed agreement which contained several unfilled blanks in respect of very material terms; they misused loan agreement by filing false details of number of EMI from 24 months to 30 months (i-e rate of interest 60 % per anum which is usurious). They also promised me at the time of loan agreement that after 6 months, they will reduce the interest amount by giving me TOP up of my loan, even in first six months not a single EMI was bounced by me but even they turned up from their promises.
Further to bring to your kind notice that as per my Bankers accounts statement, the above said company has received all the monthly installments, for which I showed and submitted them the Xerox copy of my banks statements. It is highly regretted that in spite of that the recovery officers of the company are pressuring me for the payments of such two installments which were cleared by me and have been giving me notices. insulting me, and harass me, their recovery agents frequently had been visiting my home even my absence and talk rough with my family members.
I made this complaint to RBI, but regret to state that RBI not taking matter seriously and do not investigate my complaint. Whole system is working with Indiabulls.
Being aggrieved, from the above said attitude of the company I hereby approach you with a request to kindly intervene and get me relief from such unwanted situations, for which I shall remain highly obliged.
Thanking you,
Yours faithfully,
K Dayaldas J
Encl: copy of letter to RBI which is self explanatory.
To,
Department of Non Banking Supervision,
Reserve Bank of India,
Dear Sir,
From last more than six months, I approached Department of Non Banking Supervision, RBI by writing several letters, Emails, Reminders, Telephone calls to Mumbai & New Delhi. In my complaints I had given details of how Indiabulls misguided me on rate of interest, how company denied the receipt of payment even debited from my bank, how Indiabulls misused my blank signed security cheque and misused blank signed Loan agreement by filling false figures of number of installments, filed bogus bounce cheque in Patiala House Court, New Delhi and also informed Apex Bank RBI that Indiabulls not only harassing and torturing me to extract extra money from me and but also doing with thousands of other poor borrowers and in there are number of reports in news paper about the suicides by borrowers for harassment by finance companies.
In first six months I learnt through Right of Information that instead of taking any action against Indiabulls the only action RBI did was RBI had asked response from Indiabulls. In my complaints I requested RBI number of times to proper investigate of my complaints. Indiabulls in reply of my complaints given totally false information and I am shocked RBI not found any thing irregular of finance company and RBI has given clean chit to company.
Indiabulls in reply in their letter dated 2/2 and claimed that they are prestigious organization in the field of finance practice highest standard of transparency in its business, company strictly follows Rules, Regulations and all Regulatory Guidelines, company works under the Guidelines laid down by RBI, I am attaching herewith the some of clipping of some of articles published in leading national Newspaper giving information about Court Order against Indiabulls and news on alleged Cheating, criminal breach of trust, criminal conspiracy of Indiabulls which prove false of their tall claims.
1.Delhi High Court refuses to stay investigation against Indiabulls officials.
Link:-
http://economictimes.indiatimes.com/articleshow/2935511.cms
2.FIR against Indiabulls for illegal transactions.
Link:-
http://www.accessmylibrary.com/coms2/summary_0286-34107205_ITM
3.Financial Services Firm in the Dock
Link:-
http://timesofindia.indiatimes.com/articleshow/2842494.cms
4. despite SEBI inquiry, Court allows FIR against Indiabulls.
Link:-
http://www.expressindia.com/latest-news/despite-sebi-inquiry-court-allows-fir-against-indiabulls-officials/412487/
5. Investors allege shares worth of crores vanished from their Indiabulls accounts in blink.
Link:-
http://mid-day.com/news/feb/020209-Indiabulls-Securities-Limited-investors-Delhi-news-alleged-fraud-selling-shares-without-info.htm
http://mid-day.com/news/feb/020209indiabulls-investors-allege-fraud1.htm
6.Indiabulls asked us to fake it.
Link:-
http://www.mid-day.com/news/feb/030209-News-Delhi-Courier-firm-employee-finance-company-south-Delhi-industrialist-Indiabulls-account.htm
7.IPO Scam, What, When, Who and How?
Link:-
http://ibnlive.in.com/news/ipo-scam-what-when-who-and-how/8980-7-single.html
8.Indiabulls, Forts undergo Income Tax searches.
Link:-
http://www.indiantaxsolutions.com/main.php? t=28011985&d=1130310070
9.Fraud: Indiabulls men booked.
Link:-
http://cities.expressindia.com/fullstory.php? newsid=85402
10. Indiabulls Co. charges 4.5 Crores Service Tax on Fake registration number.
Limk:-
http://www.allindiantaxes.com/ait-news-145.php
11. Indiabulls Retail not paying some vendors.
Link:-
http://www.livemint.com/12/12234548/Indiabulls-Retail-not-paying-s.html
12.Indiabulls to pay up Rs.35, 000/- as compensation.
Link:-
http://www.livemint.com/12/12234548/Indiabulls-Retail-not-paying-s.html
13.Pay us our dues now.
Link:-
http://www.managementparadise.com/forums/general-talks/4955-pay-us-our-dues-now.html
14.Vanished Funds.
Link:-
http://www.indianexpress.com/oldstory.php? storyid=82800
Indiabulls Financial Service Limited, misguided me by giving letter dated 25/5 (Xerox copy already submitted with RBI) at the time of loan disbursal which reflects only loan amount and EMI amount, they intentialy not disclosed the tenure of loan period or number of Installments. And at the time of loan agreement they confirmed me number of EMI would be 24 but they misused my blank signed agreement and filed the false figures 30 which calculate to rate of interest 39 % (60 % reducing, which is usurious without doubt) They intentialy kept blank annualized rate of interest % p.a.
Even repeated demand of loan agreement they still not supplied me copy of loan agreement and they falsely claim that they had given me loan agreement copy.
Indiabulls claim false that I had made 11 installments but fact is that I paid 12 installments fully and I also paid Rs.1000/- cash to their recovery staff Mr. Patil & Mahatre and they had acknowledged this in writing. One of EMI was debited from my bank on 1/9 but Indiabulls denied the receipt. Even though submitted Xerox of bank statements number of times confirmed this to their staff by taking them to my bank about the debit of ECS on 1/9 but still they issued me notices, insulted me, and harassed me. (Annexure IV- page 3-3 reflects that I informed Indiabulls about debit of ECS on 1/9). Indiabulls misused my blank cheque by filing false figures of Rs.28, 249/- and deposited cheque without informing me, I tried level best to settle the dispute by offering pending principal amount and reasonable interest amount but to extract more money from me Indiabulls filed bogus cheque bounce case in New Delhi to harass and torture me. (Copy of emails as Annexure 1 and annexure II attached herewith.)
Honorable Courts number of times ordered financial companies not to file loan recovery amount tactically by criminal penal code instead of Civil (Annexure III), but Indiabulls tactically implicated me in false cheque bounce case and filed suit in Patiala House Court, New Delhi. Indiabulls filled thousand and thousand of cheque bounce suits in this manner in New Delhi Courts.
Indiabulls action caused me mental agony, harassment, deficiency in services.
Instead of technically diluting my complaint, I once again request RBI to look the matter seriously, investigate the issue raised by me in my complaints.
In Maharashtra and in India the numbers of cases of suicides are increased due to harassment and torture by some of financial lenders. I hope if RBI takes strict action on complaints the number of suicides cases come under control.
Thanking you,
Yours faithfully,
K dayaldas J
http://timesofindia.indiatimes.com/rssarticleshow/msid-3706199, prtpage-1.cms
Bounced cheques choke Delhi courts
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