There were 3 Company's who had defaulted i.e. DCM Finance, Morepan Labs, and Mc Dowells crest finace.
Had met Mira ku mar, when she was Minister of Social Justice, gone to Consumer Court, but all legal remedies are a sham. The rich and powerful are protected and cushioned. No one took action and after few years of pursuing it at all these bodies gave up, as even the Himacal High Court ruled in favour of Morepen more
Justice is delivered often than never, to the perpetrators of crime and not in favor of the victim of such crimes.
Allurment from Private Banks like ICICI Bank and of so called fund managers where insurance companies of bank's group company are involved, are such that even the most informed tends to be influenced at some point or the other and once in the pocket of this vicious circle of operators, the end result is what Ms. Arora has gone through and what I'm going through.
The grievance recressal cells madandated by the Regulators and operated by the respective service providers, are usually an eye was when their pricipals are at gross criminal acts and do not ever redress the greivance of the victim at all.
These Oraganizations and private banks act in Don Quixotic manner to favor their stand at all costs as they have the strength of public money and the vicitm is handicapped to rely on own resources to the doomsday and without any light of justice.
I am of the opinion that utmost caution is required in money matters and fail proof determination not to fall a prey to oral allurements which never get substantiated on paper to give leverage to the criminals as an escape route.
PSU banks and organizations used to be reliable earlier, if they still continue to be reliable; one may perhaps trust them to some extent with their hard earned money. more
The broker who advised you too put your money in these FDs would have made a hefty commission and probably misguided you. If you are risk averse put your money in Bank Fixed Deposit. If you are willing to take risk put your money in a reputed Equity Mutual. You run a lower risk because they spread the money over a huge number of Companies so that if one goes bust only a part of the money is lost. Secondly if the companies do well you don't get a measly 2 or 3 % extra but get an excellent return making the risk worthwhile.
So if you are an average investor stick to Bank FD or go for a reputed equity fund depending on your risk taking ability.
The legal route in India is both too expensive and too slow more