HARASSMENT & TORTURE BY INDIABULLS TO EXTRACT EXTRA MONEY
I had taken personal loan from Indiabulls of Rs.25,601/- on 25/5/2007 and repaid Rs.22600/- but just default in one of my EMI of Rs.1800/- ,Indiabulls misused my blank security cheque by filling false amount of Rs.28,249/- and they also misused my blank signed loan agreement by filling false figures of 30 installments instead of 24 (Usurious rate of interest more than 60 % p/a.), denied the receipt of someamount debited from my bank. Even though I tried to settle the dispute by offering reasonable amount pending principal amount and interest amount but to extract extra money from me Indiabulls has filled bogus cheque bounce case against me in Patiala House Court, New Delhi. As it is tough to defend the false cheque bounce case traveling from Mumbai to Delhi, Indiabulls forcing me to pay Rs.33208/- plus uncharged interest. To extract the money company filled thousands of cheque bounces cases in Delhi Courts. In spite of my several complaints to RBI against India bulls , RBI not taking the matter seriously and protecting Indiabulls by neglecting all my complaints. The whole system is working with Indiabulls. To earn huge money Indiabulls bring the thousands of poor borrowers to suicidal point. Financial Company openly violate the fair business practice guidelines given by RBI.
Kanaya Dayaldas Jhamtani
Department of Non Banking Supervision,
Reserve Bank Of India ,
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 complaintsI hadgiven 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 blanksigned 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 Delhiand 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 inthere 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 actionRBI did was RBI had asked response from Indiabulls. In my complaints I requested RBInumber of times to proper investigateof 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 2/2/2009 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 Indiabullsand news on alleged Cheating, criminal breach of trust, criminal conspiracy of Indiabulls which prove false oftheir tall claims.
1.Delhi High Court refuses to stay investigation against Indiabulls officials.
Indiabulls Financial Service Limited, misguided me by giving letter dated 25/5/2007 (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 usuriouswithout doubt)They intentialy kept blankannualized 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.
Indiabullsclaim 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 1/9/2007 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 1/9/2007 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 1/9/2007) .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 inNew Delhi Courts.
Indiabulls action caused memental agony, harassment, deficiency in services.
Instead of technically diluting my complaint ,I once again requestRBIto look the matter seriously, investigate the issue raised by me in my complaints.
In Maharashtra and in India the number 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.