Are they PORTFOLIO Management services or FRAUD PROPAGATION? Those who are enamored with PHOOREN BANKS PLEASE READ THIS FOR YOUR GOOD. I also request all friends to READ & SHARE this article. The end result after five years was Rs83 lakh—direct loss from investment, about Rs28 lakh in commission to HSBC, Rs8 lakh (50% of investment) lost from an insurance policy, Rs10 lakh (again, 50% of investment) valuation decline in insurance policy still in force, Rs4.5 lakh tax paid on redemption of short-term mutual funds (including Rs1.85 lakh penalty to the Income Tax department due to non-disclosure of gain by HSBC to the client) and Rs58 lakh interest on home loan earned by the bank. Of this, only the interest component on the loans seems to have been seriously disputed by the bank.
Posted on: Sat, 15 Mar 2014 17:08:07 +0000
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