ICICI bank refunds money of NRI after the intervention of NRI commission

Chandigarh/May 27
An UK based NRI was refunded his investment money by ICICI Prudential Life Insurance after the intervention of Punjab’s NRI Commission. A bank employee has allegedly sold the NRI a life insurance policy, saying it will be issued to him free of cost.
UK based NRI Charnjit Singh had opened an account in ICICI, Nurmahal and the bank employee Gaurav Kant Arora convinced him for fixed deposits at the rate of 14 percent after which he gave him two cheques of worth Rs. 7 lac each.
“Arora allegedly coerced Singh to buy a life insurance policy but he didn’t show any interest after which he misguided him by saying that being a good customer, he was being issued free insurance policy but it was not the case,” a spokesperson of Punjab’s NRI Commission said, adding that few days later when the NRI checked his account, a withdrawal of Rs 10 lakh was already made from his investment and the money was invested in a life insurance policy and stock exchange.
The spokesperson said that when Singh took up this matter with bank authorities, he was asked to deposit third cheque after which he filed complaint in this regard with NRI Commission.
“The Commission summoned both parties and they have reached at a compromise. The insurance policy was cancelled and NRI was refunded Rs 9.40 lakh by the bank officials,” added the spokesperson.