My legal notice to HSBC India

Please read today’s Mumbai Mirror- 13th April 2012. Back headline- page 48.

I have filed a legal suit against HSBC India for mismanagement of my monies,unlawful speculation and breach of their judiciary duties resulting in huge financial losses for me amounting to crores.

The mental anguish due to the financial stress has been unbearable and its only now i feel strong enough to stand up for my rights
God please give me the courage and tenacity to fight this through
And my friends I need your blessings and good wishes too :

Anyone with similar experiences please write in. Will post further details  shortly

12 thoughts on “My legal notice to HSBC India”

  1. They are gambling with other people’s money, moreover they keep their bonuses every time
    The fact is that we take risks and they got paid. So called Wealth Mangers in reality are predators, devoid of consciences, absolutely Callous. They are only concern with achieving targets & churning.

    In any case there is no relationship as such, excepting superficial designation,as the so called Relationship/Wealth/Portfolio Managers changes every few months.

    Moreover, they have no orientation or understanding of my individual financial profile and investment needs, to solicit offer, at random without any context. In my opinion the Bank should change the designation to -Wolves. There is no effort and dedication to establish any meaningful long term meaningful relationship, everything is driven by the sales & targets. Only quantitative numbers & figures are relevant not the quality-which is not easily measurable.

    Establishing a lasting relationship with the customer will require serious and enduring effort and commitment, which is not likely to be on priority nor is it the Bank’s objective and mandate.

    The media & bonus-driven system is designed to measure only the measurable like turnover, growth, profits etc. Service standards are not likely to be reflected in the balance sheets. In fact, this is the most basic mistake a service-oriented business can make. That is, promising one thing and measuring another. Really, one has to evaluate your success in terms of your promises.

    The accountability and chain of commands exist to generate numbers not to report intangible problems and take remedial actions. There is no system to assess the efficacy of your- ‘Mission Statements’. Customer service begin and end with – Pl download customer complaint form from our website –indicated in your Annual Report.

    As such Nothing will change..

    Read more:
    http://www.time.com/time/business/article/0,8599,1853531,00.html#ixzz1ruU95KzY
    http://www.entropy.in/probability-is-a-liberal-art/

  2. Whilst appreciating your efforts, in my opinion is unlikely to yield any results –

    These are large global Faceless, virtual Corporations – There Contracts are Iron Clad provides absolute unconditional protection to them.

    I also marvel at your naiveté & Trust –

  3. Thanks Entropy and Mahesh for writing in and expressing your views

    You see I’m a believer- and i also believe it is exactly the cynicism u display that makes the world stagnate and rot

    Somebody has to take a stand and so i did. :May justice prevail – legal and divine 🙂

  4. Hi Suchitra. Me and my family are facing the same situation. In fact in ditto. It is only recently we have unearthed this fraud being perpetuated. We need to have a joint action on this. Will share details via mail or over phone.

  5. Hi Suchitra,

    HSBC is the worst bank in India as well as abroad except having a pan world presence . It is just a bunch of well dressed and have MBAs . But they seem to have the only motto to get benefit for the bank and not for the customers.

    Smaller banks are better compared to HSBC. You should never rely on others to make financial decisions. You need to do your own research before investing . In Premier Banking you need to maintain so and so AQB so that they offer the lowest interst rates among all banks and make you invest in some insurance scheme with an alibi that they want to build wealth for customer. They create barriers to move repatriable funds from NRO to NRE even though the amount in NRO came from NRE source .They seem to be playing rather than seriously working.

    Better move to different bank .

    Yours lovingly

    Moron

  6. its good to stand up for your rights but also watch your expenses in the process , especially hiring lawyers … better approach the banking ombudsman and RBI for advice ………

  7. in case you want to move to a different bank i suggest Axis bank ………The only reason you want HSBC is its panworld presence .But now a days most banks including Axis have tieups with overseas banks and issue International Debit Card as well as travel currency card that you will not miss the priviliges enjoyed at HSBC minus their negligence/misguidance ………..

  8. Once again reading HSBC’s Annual Report and the new words of the Chairman and CEO “Courageous Integrity” (Fearless Honesty) what wisdom these men have, you may think (people may like to go to HSBC PLC’s web-site and look at pages 4-9 of the Annual Report).

    Below may give you some idea of the Chairman and CEO of HSBC PLC and how they and HSBC Worldwide shows “Courageous Integrity” (Fearless Honesty) either in India or in the rest of the World, or is it Faint -Hearted-ness (Cowardice)? Only you can decide if it is “Courageous Integrity” (Fearless Honesty) or Faint -Hearted-ness (Cowardice)?

    http://citywire.co.uk/money/exclusive-hsbc-s-indian-compensation-battle/a521913?ref=citywire-money-latest-news-list

    It is not just customers that feel they have been cheated by HSBC, please look at the link below. It is about

    The Taiwanese banks accused HSBC Bank USA of lying to investors about how long the bank serviced PEMGroup’s investments and falsely representing that PEMGroup’s previous investment products had performed in conformity with their offering memorandums. Hua Nan Commercial Bank claimed $191 million in losses.

    http://www.bloomberg.com/news/2011-11-23/hsbc-hua-nan-commercial-bank-say-they-settled-lawsuit.html

    You may first like to go to HSBC AGM, go to questions and answers 40:11 min’s in then go to Resolutions 19:02 min’s in. As you will see Mr Flint could not get his facts right or was he misleading shareholders or was this just another weakness by the Chairman. The information the Chairman gave about customers complaints in India was not totally true.

    http://www.thomson-webcast.net/uk/dispatching/?event_id=eca849a680d030eb64ea12771acb40a3&portal_id=a909599fec8e2cfbf4564049bdecc311

    The State Consumer Disputes Redressal Commission. In INDIA Castigated the Hongkong & Shanghai Banking Corporation Ltd, (HSBC Bank) due to the unlawful functioning of the BANK.

    The Judge who wrote the judgment, clearly held that there is deficiency in the service rendered by HSBC which ‘had acted against the guidelines issued by the RBI and Banking Codes Standards board of India in regard to the code of bank’s commitment to customers’. IS THIS TRUE? Or Another Weakness Mr Chairman

    http://timesofindia.indiatimes.com/city/hyderabad/HSBC-asked-to-pay-Rs-20-lakh-for-wrongly-blacklisting-customer/articleshow/5357634.cms

    Please look at the link below about HSBC USA.

    http://www.bloomberg.com/news/2012-02-27/hsbc-says-u-s-money-laundering-enforcement-measures-likely-.html

    http://www.consumercomplaints.in/?search=hsbc%20bank&page=2

    http://www.youtube.com/watch?v=cB3vbb9Tx7E

    http://www.suchitra.com/2012/04/my-legal-notice-to-hsbc-india/

    The links above just gives a very small picture about the way some Customers, Businesses and Governments are treat by these people.

    Do you blame the Bank for these problems or the Chairman and the CEO of HSBC PLC?

    Is it “Courageous Integrity” (Fearless Honesty) or Faint -Hearted-ness (Cowardice)?

    Kind regards

    Michael Mason-Mahon
    Mobile: 0044 7834763544
    E-mail: ckmdm@aol.com

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