Background:
1. We are financial advisors to Shambhubhai and his firm.
2. Shambhu Panchal wanted us to arrange a loan for his house purchased.
3. Thru some reference, destimoney through Mr. Aalap Shah and Mr. Hardik Kinkhabwala approached us to get this loan done through indiabulls. And we, with the prior permission of Mr. Panchal allotted the said work to Destimoney.
Issue:
Loan has been sanctioned and disbursed to Mr. Shambhu Panchal after many a troubles. Approx two months back when the proposal was in the pipeline, Destimoney approached Mr. Panchal and took an Account Payee Cheque in the favor of Bajaj Life insurance, informing us that it was a MANDATE on part of the borrower to take an insurance (Premium of Rs. 99000/-) to be paid for three years. They further informed that INDIABULLS mandates so! The client, in good faith issued the said cheque.
On inquiry with Indiabulls (Mr. Patni, Branch Head - Ahmedabad) we have come to know that Indiabulls have not issued any instruction to this effect.
Upon inquiry with the captioned persons of Destimoney, we were informed that such malpractice was conducted so as to achieve the INSURANCE COMPANY'S TARGETS.
Sir, as you must be knowing, insurance is the subject matter of solicitation and it has to be offered to the client and not pushed upon him under any circumstances.
Now, Destimoney are not responding to our several calls and messages, which in our opinion manifests guilt on their part. We, the well wishers of Indiabulls, wish to inform that such incidents will certainly bring disrepute to the institutions like Indiabulls & Bajaj Life Insurance. We have also emailed the same incident to the Customer care at Destimoney. However, there is no response from their side as of now.
PL NOTE THAT MY CLIENT NEEDS FULL REFUND BACK WITH REASONABLE RATE OF INTEREST THEREON FOR THE PERIOD OF DELAY THEREON.
In a recent meeting with the Destimoney Ahmedabad Branch Head -Distribution - Mr. Nishant Sehgal, we were offered back end bribe to close the matter, which is such an immoral act on part of Destimoney.
We shall appreciate your immediate response.
Regard,
CA Ravi Kariya
98791 44760
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