Money-go-round

MBA student to get back his savings worth Rs 90,000 fraudulently invested by HDFC in a policy of higher value

Money-go-round

MBA student to get back his savings worth Rs 90,000 fraudulently investedu00a0 by HDFC in a policy of higher valueu00a0

Angrish Shukla, a second year MBA student at IMT Ghaziabad, is counting his stars. Shukla, who alleged HDFC bank had fraudulently invested his savings worth Rs 90,000 in a policy of higher value, will soon get his hard-earned money back to pursue higher education.u00a0

On Thursday, the Branch Manger at the Malviya Nagar branch of the bank, called the management student to his office to settle the matter. However, he manger refused to comment on wether any action will be taken against the executive who cheated the student.

Shukla had alleged an employee of the HDFC Bank deceived him and wrongly invested his savings in a policy about which he was never informed of. He also alleged the bank gave its own address for corresponding with Shukla so that 'he could be kept in the dark for a longer time.'u00a0 A complaint was registered the Malviya Nagar Police station.

Shukla, said, " I got the call from the bank yesterday evening, asking me to bring a copy of all the documents that was issued to me. The bank will try to refund the maximum amount but they have to follow certain rules and regulations set by the bank. Now, that everything has happened, the bank would try to deduct only nominal amount.

"HDFC hasn't given me any specific date for the refund. But, the bank has assured me I'll get my money back. I am happy now my future is secure. I will invest the money on my higher education," said the excited student.

Hemant Sahni, the branch manager of HDFC bank, said, "We have not received any specific input from the higher authorities, but we have decided to take it forward from our end. He is a student and we understand his problem. May be in a month or so we will refund his money."

The case
Shukla had saved Rs 90,000, which he earned from his job at a BPO, for higher education. The bank executive, who attended to him, offered an interesting investment policy for a year and asked him to sign some documents. However, after few days when Shukla reportedly did not receive the documents for the policy, he approached the bank and met the executive. Shukla was given the documents. But he was shocked to see the changes in the policy. He alleged his savings of Rs 90,000 had been invested in a 10-year-plan with a lock-in period of three years. The annual premium for the policy was Rs 90,000, which he would have to pay for the next 10 years.

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