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How To Get Rid Of Toxic ULIP: An Example

How To Get Rid Of Toxic ULIP: An Example

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An open letter to the concerned insurance authorities indicating the legal points against the mis-selling of toxic ULIPs.
An open letter to the concerned insurance authorities indicating the legal points against the mis-selling of toxic ULIPs.

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Published by: Debaprasad Bandyopadhyay on Mar 12, 2013
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03/15/2013

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Sub: Filing perjury, breach of contracts case etc. against the agents and witnesses of the ULIPs of Bajaj  Allianz Insurance Company and Standard Chartered Bank, India
 
“I shall not commit the grievous sin of losing faith in Man”.
 --
“ 
 Crisis of Civilization
” 
 , Rabindranath Tagore
This is to inform you that I have four policies with Bajaj Allianz Insurance Company. All the policies were mediated by the Standard Chartered Bank, Kolkata, West Bengal, India. The policies are as follows:
POLICY NOS. DOC SUM ASSURED PREMIUM LAST PREMIUM DOM AGENTS WITNESSES
I. 0160209908 20/03/10. Rs. 250000 Rs. 50000 20.03.16 20.03.20. Arnab Sengupta Agent Code: 5111012820 Debabrata Choudhury II. 0132842390 28/08/09 Rs. 125000 Rs. 25000 28.08.18. 28.08.19. Sharmishtha Das Agent Code: 5111006665 Rupanjan Chatterjee III. 0000318843 26/04/02 Rs. 200000 Rs. 7362 26.04.21. 26.04.22 IV. 0184158148 17/03/11 Rs. 300000 Rs. 60000 ?????? ?????? SCB
Acronyms: DOC: Date of commencement; DOM: Date of Maturity; SCB: Standard Chartered Bank
The allegations are against the following witnesses, my trusted above-mentioned
Bank’s faithful
employees and my ex-friends, who had signed my policy documents along with me:
 
1.
 
Debabrata Choudhury Cell: 9830185334 Standard Chartered Bank, Shyambajar Branch 21 A R. G. Kar Road, Kolkata- 700004 Name not written in capital alphabet in the bond 2.
 
Rupanjan Chatterjee Cell phone no. not available. Standard Chartered Bank, Shyambajar Branch 21 A R. G. Kar Road, Kolkata- 700004 3.
 
Arnab Sengupta Address not mentioned in the bond Cell phone no. not available. 4.
 
Sharmishtha Das Cell: 9830470450 (Phone calls not attended by her) Address not mentioned in the bond Before elaborating the allegations against all these four persons, I must mention the following points regarding III and IV: (a)
 
The III is normal endowment policy for my son, Akhar Bandyopadhyay and it was gifted by my mother, Late Sova Bandyopadhyay to his grandson. I do not have any allegations against this policy except low returns compared to Life Insurance Corporation of India. (b)
 
The premium paid for the IV was
returned
 to me
without
any
compensation
 in October, 2012 by SCB after much battle as my allegation was the opacity of the bond
almost nothing was written in the bond, thus it had infringed Right To Information (RTI, 2005). This has a serious implications for other policies (to be elaborated afterwards) Now I am going to elaborate my case of
losing faith in Man(sic, sexism unintended)” I, Dr. Debaprasad
Bandyopadhyay, S/o Late Sadhan Prasad Bandyopadhyay and Late Sova Bandyopadhyay of Anekanta, 23/1, JoyNarayan Banerji Lane, Baranagar, Kolkata-700036, aged 47 years, by faith agnostic, solemnly affirm in the name of the Indian Constitution, the following statements: (c)
 
In the cases of policies I and II, the witnesses and agents
all of them were my trusted friends, misguided me by making false verbal promises, intentional false verbal statements and fabricating the true values of policies (
Perjury IPO 191, 192, 193
). I must admit my fault that as a busy academician, it is very difficult for me to maintain my financial portfolio. Therefore, I depended on Standard Chartered Bank (SB Ac. No.
 333-1-011551-7
) with a full faith, trust for maintaining my financial portfolio. And lastly it is turned into a
breach of oral contract 
 as they had made me to sign many documents without being given a chance to go through it. Thus they exploited my innocence, honesty and dependency on the bank by selling toxic ULIPs.
 Analogy:
 In case of intercourse with a verbal assurance of marriage and later on refusing to lead conjugal life in the context of heterosexual relationship, the event of heart balm is considered as a crime
 
of cheating on the part of assurer. ( 
Section 415, I.P.C 
. and as such prima facie amounts to an offence under
Section 417, I.P.C
 ). If so, why is it not applicable to other cases of cheating with verbal assurances/promises?
For this reason, let me look into the proved criminal pasts of these two service provider, viz :
A.
 
ALLEGED CRIMINAL HISTORY OF STANDARD CHARTERED BANK
 
Involved in Beirut bombing case in 1983
, though the case was withdrawn for unknown reason (2012). The same thing happened to its
1992 FERA violation case (
The Financial Express
,
NEW DELHI, NOV 17 2012, 01:18 IST). In the both cases, somehow they had
escaped the allegations. “The estates of victims of the 1983 bombing of U.S. Marine
barracks in Beirut have dropped a lawsuit against Standard Chartered Plc (STAN.L) that accused the bank of concealing Iranian transactions that could have satisfied a $2.67
billion (1.65 billion pounds) judgment.” (
Reuters
, NEW YORK | Wed Dec 12, 2012 8:58pm GMT)
 
Involved in illicit drug trafficking:
The Justice Department has signed similar agreements, withholding prosecution in exchange for bank promises to tighten
oversight, …Barclays and Standard Chartered. All admitted to crimi
nal offenses; all were handed the equivalent of traffic tickets
 
pay a fine on your way out the door.” (Source:
The Opinion Page
, January 2, 2013)
 
Involved in Harshad Mehta scam 1992
 :
“Standard Chartered Bank’s draft red herring
prospectus to raise $500 million-$700 million through the first-ever issue of Indian Depository Receipts (IDRs) has completely blanked out at least 15 litigations pending against it in connection with the securities scam of 1992 and a foreign exchange scandal involving the misuse of its vostro account, also in the 1990s.The prospectus has reportedly been cleared by the Securities and Exchange Board of India (SEBI), which is fully aware that most litigations pertaining to the 1992 scam are still dragging their way through the Indian judicial system. It is shocking that the Bank has attempted to avoid disclosure, given that the Bank's deep involvement in the scam is widely known in India and the IDRs are being sold to Indian investors. What is worse, when asked about the failure to disclose litigation pending against the Bank, SEBI has chosen to not to respond
to the emails marked to the entire top brass of the Bank.”
(Source: Sucheta Dalal,
Standard Chartered tries to cover up its messy past, but SEBI is in a slumber 
 
 Standard Chartered tries to cover up its messy past, but SEBI is in a slumber April 14, 2010)
 
Involved in money-laundering in Iran 2012
 :
“IN A bombshell
New York’s
Department of Financial Services added Standard Chartered, a British bank, to the rank of financial institutions under siege, calling it a
“rogue institution”. It accuses Standard
Chartered of executing 60,000 secret transactions worth $250 billion for Iranian

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