I want to bring to your knowledge that the ICICI bank and its Chairman, the Wholetime Directors, Officers and staff members, having office at Videocon Tower, 2nd Floor, Block E-1, Jhandewalan Extn., New Delhi-110055, have cheated me and are depriving me of my hard earned money and have breached the trust, which an innocent and fragile lady like me had in an institution like ICICI Bank. Since the Bank and its Chairman, The Directors, Officers and staff are very powerful and resourceful and I being a fragile lady, am being harassed also.
The fact of the matter is that in December, I decided to buy a car and the representative of the bank lured me by his sweet talks and I being gullible lady came under his influence and applied for a loan of Rs. 6, 57, 000/-. The terms of loan as told by the said representative were as follows:
1. That Loan shall carry the interest of 8.75% per annum.
2. That based on 8.75% the EMI for 60 months works out to Rs. 13, 664/- per month. (This information/calculation was believed as correct as it was coming from a bank like ICICI bank).
3. That I have to give one advance EMI alongwith the application for loan to the seller of the car.
4. That I have to pay Loan processing charges of around Rs. 3500/- and which payment shall also be made in the name of the seller of the car.
Accordingly I signed the blank booklet containing various documents and paid the required charges, advance EMI and the difference of the cost of the car and loan amount to the seller of the car. I received the car and after a few days, I received an amortization schedule (repayment schedule), the terms and conditions and also a pamphlet from ICICI bank,
which amortization schedule showed that the loan amount is 657, 000/-, after adjusting Advance EMI, the principal outstanding is Rs. 6, 43, 336/- and after paying first EMI consisting of principal amount of Rs. 8, 898/-, instead of reducing the outstanding amount of Rs 643, 336/- by Rs. 8, 898/- i.e. to Rs. 634, 438/-, the principal amount was consciously inflated to Rs. 644, 293/- in such a way that the mischief/criminal intention cannot be detected unless the document is thoroughly studied.
Also inspite of my various requests, I have not been provided with the copy of the agreement, which was a part of the booklet which I had signed blank.
Since the amortization schedule had come from a big bank like ICICI bank, I did not check the amortization schedule thoroughly and started paying the installments, which I am regularly been paying intime till date. On one day, when I was going through the amortization schedule, I noticed the abovesaid discrepancy that the principal amount outstanding after the payment of first EMI due on 10.02.2008 is inflated by Rs. 9, 855/-. I thought that it must be an error and therefore I innocently and immediately brought this error to the knowledge of the bank and the bank instead of rectifying the error sent me a fudged/falsely created document stating that there was an element of some charges amounting to Rs, 9, 855/-, therefore the principal is inflated. However in the said document, the bank correctly mentioned that the loan carries an interest @ 8.75% on the loan. I then calculated and found that not only the principal has been inflated but the EMI is also inflated. I brought this also to the knowledge of the bank through Ms. Namrata and Mr. Karan Singh (employees of the bank who were attending to my complaints) and requested them to rectify that error also. To my utter shock, in a further attempt to cheat me, the bank sent me yet another repayment schedule mentioning that the loan carries an interest rate of 9.41% per annum to justify the amount of inflated EMI. Surprisingly the EMI remained same even after change in the interest rate on the same amount of principal and for same tenure, which only shows that the bank reversely calculated the interest based on the amount of inflated EMI and came out with the figure of 9.41%. Also the interest rates on loans as 9.41% are unheard of because the interest rates are usually like 8.75%, 9%, 9.25%. 9.50% etc. and not 9.41%. This act of the bank, its chairman, managing director, directors, officers and staff clearly shows the criminal intent to cheat me.
From the above, you will appreciate that when I inform about error in the balance outstanding principal amount, the bank brings out a new story of charges of Rs. 9, 855/- and when I inform about inflated EMI, the bank comes out with another new story that the loan carries an interest rate of 9.41% as against the original rate of 8.75%. Also on each of both these occasions, I am sent a fudged document. So all the three documents sent by the bank give different versions/stories and it is obvious that the documents sent later are fudged documents and an afterthought. The first document is designed in such a way that the fraud is not apparent on seeing the statement, and not known until or unless critically examined. This clearly shows the ill design of the bank, its Chairman, managing director, the wholetime directors, officers and staff of cheating and depriving me of my hard earned money for their illegal gains. Also they must be cheating other innocent borrowers in the same manner and such a fraud is least expected from such a big bank.
It is pertinent to note that at the bottom in the very first document sent by bank, it is written that the first EMI (I.e. EMI due on 10.02.2008) includes Rs. 0.00 towards charges. This shows that if there were any charges, it must be the policy of the bank that the amount of charges, if any, would have been shown there. The fact that the charges mentioned as Rs. 0.00 clearly
show that there were no charges and the bank in a bid to cheat me is giving wrong/fudged statements and sending me one fudged document after another.
Also the clause 9 of the terms and conditions of loan supplied to me with the very first amortization schedule mentions that the advance EMI can be adjusted by the bank at its sweet will. The very first amortization schedule (repayment schedule) shows the principal amount outstanding after adjustment of advance EMI as Rs. 643, 366/- which is correct as per the proposal as told to me by the representative of the bank. Had there been any element of any further charges, it would have been reflected in
the very first amortization schedule supplied by the bank. Also if there were any further charges then the balance principal would not have been shown as Rs. 643, 366/- as the bank had all the liberties of adjusting the charges, if any, from the advance EMI.
Inspite of my repeated reminders, the Bank, its Chairman, being the Principal Officer of the bank, its managing director, the wholetime directors, the heads of car loans at the head office and the Delhi office, the other concerned officers and staff are bent upon cheating me and are not afraid of creating/manufacturing fudged documents and can go to any extent in cheating innocent persons.
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