Orijit Das’s HSBC horror story

Suchitra

Your story is like déjà vu to me. This is exactly what happened to me as well. I was ensnared by HSBC in the UK to invest in India. The story of India Shining was sold to me and my family and I over 7 years transfered all funds. We trusted the HSBC brand name which is “the worlds local bank”.

I was welcomed to a lovely plush office with piped music and well dressed execs (some times we NRIs are a sucker for that . Yesterday when I visited their office they were busy conning other NRIs as well. I have discovered that this is a systematic business plan.

Their modus operendi is exactly the same. In my case they systematically took money from me every month. The first relationship manager provided me with accounts. Then RMs changed every 6 months and did whatever they pleased. They took blank signed LOI which they used for churning my portfolio. Even when I had over 78 Lakhs in the bank account they thrust their home loan products on me.

They sold me shock and awe stories about how I could die young and leave behind wife and children and sold me TATA AIG policy. They have deducted RS 2 Lakhs every year for 5 years and there was no Insurence cover over this period. Every year they would make me come down to India to conduct medical tests as they had bungled up and could not put in place the policy.

For the last 3 years I have not been provided any bank statements. this was in a period when I was busy with my little baby’s open heart surgery. They made the most of it and churned the portfolio and took out money from my account.

They have without telling me or without my authorisation moved RS 23 Lakhs from my account. They deduct charges from the bank account without any intimation (nor will they provide bank accounts).

They send Gundda’s to scare my old and inform parents in Kolkata.

Rather than grow my money HSBC is pushing me and my family to bankruptcy.

Somebody please help !!!

Orijit

 

4 thoughts on “Orijit Das’s HSBC horror story”

  1. Hi Orijit & Suchitra

    I just went through the same thing. They did the same to me. While I went to the bank I found another person arguing over the same. I want us guys to unite at one place and do something about this. Let us collect on facebook. They have mismanaged my funds and I am stuck with my money that they got invested wrongly. I am so pissed off. The did the same to me as they did to Suchitra. Let us showcase their real
    face.
    Regards
    vikas
    http://www.facebook.com/vikas.jethani

  2. Hi

    We were scammed by HSBC in exactly the same manner as you were. They forced my mother and me to sign without reading stating that it was an investment with 24% return and that We would have to pay only for next three years. As I was working I signed and was shocked that I was sold a Canara HSBC Bank Insurance Policy. It was no investment. I want to create a page on facebook and invite people as many ppl as possible who have been fooled by HSBC. I nowhere hold the Canara Bank Liable but it was HSBC who misled us by giving us all the false info so that they can sell the product and meet their targets.
    I came to know later on that it was a minimum 5 yr lock down period. From the money they took from my account the had deducted the comission of the person who sold us the so called plan apart from the other hidden charges. The current value of the money I invested right now is 20% less than what I had paid initially and is subject to market risk. We had specifically asked the person not to invest our funds into anything that is subject to market risk, and he had assured us the same then. Upon confrontation later on he completely denied his statements. I feel cheated and betrayed. They are cheaper than common thugs. Add me on Facebook and let me create a page and let us add as many ppl as we can to create a movement. I am sure if this becomes big they will have to return our money.

    Regards
    Vikas

  3. Did the Chairman and CEO HSBC PLC show “Courageous Integrity” in India or was it Faint -Hearted-ness (Cowardice)?

    Once again reading HSBC’s Annual Report and the words of the Chairman and CEO what wisdom these men have, you may think.

    Please do not be fooled by their words, the following details will call into question how truthful these words are.

    Mr Flints states
    “Similarly when things go wrong, as they will from time to time, we judge ourselves, inter alia, against how we respond and how quickly we learn from the experience. Nothing is more important than our reputation”. He goes on “We are truly sorry to all those who were adversely affected by our failings”

    On being transparent “Once you’ve got used to the fact of being more transparent, it becomes a way of life”.

    Dealing with complaints in India and around the world I have found HSBC, the Chairman and CEO to be less than transparent.

    Will the Chairman be telling the truth to shareholders at this tear’s AGM or like last year providing more False and Misleading information to shareholders. Try telling the truth Mr Flint? That would be something New.

    Mr Gulliver states
    “We are putting a new emphasis on values at HSBC, so that our employees are empowered to do the right thing and to act with courageous integrity.
    “We are profoundly sorry about what happened and are committed to standing fully behind our customers”.

    When we contacted the Chairman and the CEO about a complaint and asking them to make sure HSBC India released information to the complainant that they had complied with the Rules and Regulation in India, they did not even answer her. Sent her statement to the wrong address for over five years.Many more complainants has received the same treatment in India.

    Is this what they mean about “courageous integrity and are committed to standing fully behind our customers” ask their customers in India what they think about the Chairman stating “We are truly sorry to all those who were adversely affected by our failings”.
    They are just words with no real action to resolve the failing of HSBC India, their only action was to sell off the written off credit card and personal loan debt for $10 million. Is this less than what has been awarded to the CEO Mr Gulliver this year?

    His award was for showing personal adherence to leadership in promoting HSBC Values. This over-riding assesses behavior around the HSBC Values principles of being ‘open, connected and dependable’ and acting with “courageous integrity”
    Mr Laidlaw (CEO of Centrica) sits on the Remuneration Committee of HSBC (Fee £125,00), this is the same man who is the CEO of Centrica owners of British Gas who was fined £2.5 million is the largest ever issued by Ofgem for customer service issues. Mr Laidlaw should deal with the problems at his company instead of sitting as a Board Director of other companies. Has he showed “Courageous Integrity” to the customers of British Gas?

    It is not just customers that have had problems with HSBC?

    HSBC Holdings Plc (HSBA) settled a lawsuit brought by a group of Taiwanese banks that accused HSBC Bank USA of helping deceased financier Danny Pang’s PEM Group defraud them of more than $500 million.

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

    “The parties to the litigation did reach a settlement on mutually agreeable terms,” Alexander Pilmer, a lawyer for the Taiwanese banks, said in an e-mail. He said he couldn’t provide additional information.

    Is this HSBC’s idea of “Courageous Integrity????

    Mr Flints says “Nothing is more important than our reputation” may I ask what are you doing to HSBC’s reputation?

    “and values to do well for those who place their trust in us, thereby meeting their expectations of us and contributing to the fulfilment of their aspirations and ambitions. That is what we exist to do”.

    I have to say Mr Chairman it is my personal belief that by your’s and Mr Gulliver’s behaviour to people in India you have killed their aspiration and ambitions. Is that what you exist to do? For this is what you have done.

    Is it “Courageous Integrity” (Fearless Honesty) that they showed the complainants in India or was it Faint -Hearted-ness (Cowardice)?

    “Reputational issues which remind us that our good work can be destroyed by lapses of judgement or control”.

    Did the Chairman have a lapse of judgement or control when he gave false information at last years AGM about the problems in India?

    Ask the people in India who have had very serious problems with the employees and the way HSBC Business has effect them?

    Kind regards

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

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