| Name of Complainant | |
| Date of Complaint | October 24, 2023 |
| Name(s) of companies complained against | HDFC LIfe |
| Category of complaint | Corruption |
| Permanent link of complaint | Right click to copy link |
| Share your complaint on social media for wider reach | |
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Below is a brief summary:-
I am look forward in taking my case to consumer court in claiming compensation from HDFC Life and Bank for falsifying initial documents. HDFC Bank declined submitting documents citing confidentiality. My investment with HDFC Life was Rs 50 Lakhs from 2016 to 2020 at Rs 10 Lakhs per year with zero returns. I received the principal about 7 months months later without the gains and I spent over likely 4000 + hours to date in research and communicating with HDFC Bank and Life in releasing the gains without results.
Here is ia brief summary of what had occurred:-
HDFC Life had opened a policy pension account “Policy # 18482269 -HDFC Life Assured Pension Plan” in my wife’s name when my wife was then 64 years old in 2016. My wife, Winifred D’Souza last visited India in 2007 and has no intention of residing or retiring in India. This pension account was designed for a much younger person so that by the time he/her reaches a retirement age, can avail of the funds. Varsha Satam, Manger Of HDFC Life conned me and assured me verbally that after 5 years, I can withdraw the funds with gains and bonus. I honoured my commitment by transferring funds of Rs. 10 Lakhs every year. So on the 6th year, when I wanted the funds released, HDFC Life refused declaring that it will remain until my wife’s death. That year 2021, my daughter had a serious motorbike bike accident. During Pandemic, even her Dad, ie myself was not allowed to visit the hospital. Yet, HDFC Life insisted that I obtain documents from the hospital. The hospital was one of the top hospitals in Toronto, Canada and after a lot of pleading and persuasion I received the papers from the head of the Hospital department. Yet HDFC Life harassed me with wanting documents after documents. They finally released the balance of my Principal 7 months after a lot of procrastination and demands.
I met Varsha Satam when I last visited Mumbai early this year and she with the support of Manager, Jogesh Bohra, claimed that HDFC Life did their own internal investigation and found that their documents were in order. Once I returned to Toronto, I started asking for policy initial documents including “Form 60”. I found that those documents which were a requirement prior to opening an account by Income tax authorities were fraudulent.
“Form 60″ should have been completed in my wife’s handwriting. Also, there was no witness and no signature, place and date. Yet, Varsha and HDFC investigative team declared that the policy account documents were in order and binding. I sent all information to Vibha Padalkar CEO of HDFC Life and her directors and not one of them responded, only from HDFC life service/support repeating their mantra to dismiss me. No one wanted to rock the boat, not even Vibha Padalkar or Sashi Jagdishan CEO of HDFC Bank. So after some research I found that Life documents were falsified just to please the upper management in improving the bottom sales.
HdFC bank to date has declined sending copies of initial documents of my wife’s account when requested by her. They are citing ” internal matter and confidentiality”. I can conclude with certainty that HDFC bank was also either holding none or fraudulent initial documents, likely same copies of HDFC Life. Since HDFC bank is also the controlling member of HDFC Life, their responsibility is even greater. But it was HDFC Life which withheld my gains on my premium investment.
What irks me, is that terrorists can open accounts with HDFC Bank with support from employees, just to improve the bank and Life’s bottom line.
Show me one employee who would invest Rs. 50L over a period of 6+ years and receive zero returns.
Both HDFC bank and Life are in the hands of the Complaints Forum and expect that justice would prevail as I produced the evidence.
I have more document evidence and will be emailed if needed.
