Fraud by ICICI Group 😡 | Family lost their INR 80 Lac! | ICICI Bank | 😢

Summary

The transcript highlights a series of complaints and concerns raised by a customer regarding misleading insurance policies sold by ICICI Bank. The customer describes being misinformed about the nature of the policies, which were presented as long-term investments without clear explanations of the terms or risks. The agent's lack of transparency, failure to provide adequate documentation, and the pressure to continue paying for policies have caused significant distress. The customer calls for stronger regulatory action and accountability from the bank, expressing frustration over the unethical practices involved in the sale of these financial products.

Takeaways

• 😀 The speaker expresses frustration over being misled about the insurance policies sold by ICICI Bank, especially due to lack of proper information and transparency.
• 😀 The policies were sold without full disclosure of terms, and the speaker was not informed about potential penalties or closure clauses.
• 😀 There was a lack of proper Know Your Customer (KYC) verification, which is a regulatory requirement for selling financial products like insurance.
• 😀 The speaker believes that the bank employees, particularly agents, were selling policies to meet their targets, potentially earning commissions without following proper procedures.
• 😀 The speaker highlights that there was no confirmation of their income or financial status before the sale of the policies, raising concerns about financial verification.
• 😀 The speaker feels that the bank misrepresented the nature of the policies, and the agent did not properly explain the long-term commitments involved in the policies.
• 😀 The speaker reports that they have been paying for the insurance policies for several years but are now facing unexpected charges and penalties.
• 😀 The speaker has lost trust in the institution due to the unethical practices they believe were used in selling the policies, especially involving a reputed bank like ICICI.
• 😀 There is mention of possible violations of anti-money laundering regulations due to the way the policies were sold, with inadequate documentation and no verification of funds.
• 😀 The speaker requests that the case be escalated to higher authorities, including social media platforms, to bring awareness and accountability to the issue.
• 😀 The speaker, a retired individual without a fixed income, emphasizes the financial strain caused by the policies and expresses concerns about losing their savings.

Q & A

What was the primary issue raised by the individual in the transcript?

The primary issue raised by the individual involves the mis-selling of insurance policies by ICICI Bank, where the customer was not fully informed about the terms and conditions, leading to significant financial confusion and dissatisfaction.

What role did Neha, the relationship manager, play in this situation?

Neha, the relationship manager, is implicated in selling insurance policies without properly explaining them to the customer, including failing to disclose important details like hidden charges and penalties. She also seems to have misrepresented the nature of the policies.

What specific concerns does the individual have regarding the transparency of the insurance policies?

The individual is concerned that the insurance policies were sold without clear explanation or documentation. They were led to believe the products were secure and beneficial, but later discovered discrepancies in the paperwork and a lack of transparency in the terms.

What documentation issues are mentioned in the transcript?

The individual highlights issues with KYC (Know Your Customer) documentation and lack of proper verification of financial details. They also mention that they were never asked for proof of income, despite the high-value policies being sold.

What financial implications does the individual face due to these insurance policies?

The individual faces potential financial losses, as the insurance policies appear to have been sold with high charges and hidden costs. The customer is also uncertain about the returns on their investments and feels misled by the bank's practices.

How did the customer try to resolve the issue with ICICI Bank?

The customer attempted to resolve the issue by communicating with ICICI Bank over a period of months, including contacting higher management. However, they received minimal response, and the bank’s responses were often automated and not helpful.

What actions does the individual plan to take next regarding the issue?

The individual plans to escalate the issue further by highlighting the case to authorities, possibly through legal action. They also intend to raise awareness on social media platforms to warn others about the mis-selling of these policies.

What does the customer believe ICICI Bank's internal practices are like?

The customer believes that ICICI Bank’s internal practices, particularly regarding insurance sales, are unethical and immoral. They feel that the bank and its employees, like Neha, took advantage of customer trust for their personal financial gain.

What does the customer suggest should be done to prevent similar issues from happening in the future?

The customer suggests that regulatory bodies should take stricter actions against such mis-selling practices, and that banks should implement better transparency and accountability in their sales processes, especially for high-value products like insurance.

Why does the individual emphasize the importance of transparency and KYC in financial products?

The individual emphasizes the importance of transparency and KYC to ensure that customers are fully informed about the financial products they are purchasing. Proper KYC and transparency would help prevent mis-selling and fraud, protecting customers from unexpected financial loss.