Unmasking Ethical Fraud: Standard Chartered Bank & Bajaj Allianz Insurance Co

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.

(Standard Chartered Bank, India is a licensed Corporate Agent of Bajaj Allianz Life Insurance Company Limited vide composite license number ABL : 1096736.)
The policies are as follows:
POLICY NO. 0160209908
DOC 20/03/10.
AGENT: Arnab Sengupta
Agent Code: 5111012820
WITNESS: Debabrata Choudhury

POLICY NO. 0132842390
DOC 28/08/09
AGENT: Sharmishtha Das https://www.facebook.com/sharmistha.das.961?fref=ts
Agent Code: 5111006665
WITNESS:Rupanjan Chatterjee

POLICY NO. 0000318843
DOC 26/04/02

POLICY NO.0184158148
DOC. 17/03/11

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:
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
Rupanjan Chatterjee
Cell phone no. not available.
Standard Chartered Bank, Shyambajar Branch
21 A R. G. Kar Road, Kolkata- 700004
Arnab Sengupta
Address not mentioned in the bond
Cell phone no. not available.
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.
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, whyis 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 providers,

Involved in Beirut bombing case in 1983, though the case was withdrawn for unknown reason (2012). The same thing happened to its1992 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 criminal 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 statement 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 customers in exchange for “hundreds of millions of dollars” in fees. In a footnote the regulator also says that there is evidence of similar “schemes” with other countries subject to American sanctions, including Libya, Myanmar and Sudan.” (Source: The Economist, Aug 6th 2012, 22:07 by T.E. | NEW YORK)
Standard Chartered follows dubious distinction of Citibank, 4 clients duped of crores: “ In yet another banking fraud at the hands of greedy relationship managers of the foreign banks, some employees of StanChart are believed to have duped a few wealthy clients. According to reports, a few relationship managers at Standard Chartered Bank’s private banking businesshere have mis-sold debt securities to some of its private banking clients with a promise to buy them back at higher returns, something which is not possible under the existing regulations.” (Source: Economic Times, 30 APR, 2011, 08.45PM IST, PTI )
“Taking serious note of violation of claims servicing regulations by Bajaj Allianz General Insurance, insurance regulator Insurance Regulatory and Development Authority (IRDA) has asked it to ’scrupulously adhere’ to the norms. …The regulator has also directed Bajaj Allianz to put in place a system so that all claim/papers/documents are properly docketed.” PTI, Jan 8, 2013 (Source: The Hindu Business Line)
“Bajaj Allianz to pay Rs 16.65 lakh compensation to road mishap victim’ s(Mahinder Babber) family. The tractor driver and its owner did not contest the case while the insurance company contended that the accident took place due to the deceased Babber’s negligence. The insurance company said the truck driver and owner were liable to pay the compensation amount as the driver was not holding a valid driving license at the time of accident.” PTI: NEW DELHI, MAR 06 2013, 17:04 IST (Source: The Financial Express)
Criminal complaint against Bajaj Allianz, Team Life Care Insurance: “Both the companies indulged in all types of violations while selling insurance policies. No policy should charge more than 40 per cent as charges from the policy amount as per the Insurance Act, 1938. But in this case almost 70 per cent has gone as premium charges. As per the Section 41 of Insurance Act, 1938, no agent whether Individual or corporate agent should employ sub-agents to sell insurance polices. With the connivance of Bajaj Allianz, the Team Life Care Insurance is indulging in such malpractices.” (Source: Corporate Frauds Watch, THURSDAY, 20 NOVEMBER 2008)
Keeping in mind such criminal background of these two companies, I must say that their criminal mindset has been operating in all the cases of miss-selling investment policies in the name of insurance policies. All these cases have strengthened my allegations against these two companies.

Apart from the abovementioned allegations against these two companies, I have further allegations against Standard Chartered Bank:
In case of House Building Loan (Floating), beware of rigging/cheating! When interest rate is low in the market, they do not decrease the rate following market! However, in case of increased market rate on interest, their action is too prompt.
In case of redemption of accrued bonus points for using cards, you will never get awards as the phone-banking personnel always answer, ’’That is lapsed.’’ There is no auto-credit system! Surprising!!!

With reference to (b), keeping in mind the precedence, I wish to get back I and II’s full investment with compensation.
I wish to get compensation for IV.
In addition to that, I need to have compensation of Rs. 20,00000 INR for causing mental agony, depression, frustration, wasting my time etc. by selling market-linked products by verbally suppressing facts.
I wish to know the utilization of allocation charges, taken for I & II through Right To Information
Act (2005). I suspect that money-signifier was utilized by the same ethical fraud (a neologism to describe writing-speaking aporia) in money-laundering among terrorists. Not only that, I have another query: What service has Bajaj Allianz really given to deserve getting 35%-65% (covert and overt charges) of the investment over three years to administer the policy? The fund administration charge is separately levied to manage the fund, but I am anticipating fraudulent allocation of units.
Proper punishment of the witnesses and agents along with Insurance company and bankers.

Lastly, I am appealing to the concerned authorities, with a good faith that to treat this type of case in holistic perspective so that, not only me but all the victims of such cheating could be benefitted. All the victims are crying for unknowingly buying ULIPs by hearing false promises from these ethical frauds. Our country, from the Vedic era, has been depending on oral transmission (archewriting in Derridean sense of the term) of knowledge and wisdom. Indian citizens are largely depending on verbal assurances. In that case, blackmailing (Sorry for this racist term that unveil white mythology) them with forms written in a small illegible letters is a crime vide “…Taking note that fine print terms and conditions imposed “unilaterally” by a company cannot be used to their advantage, a district consumer forum has asked the Standard Chartered Bank to compensate one of its clients with Rs 50,000. It has also asked the bank to “remove the hold on his account,” “credit back Rs one lakh,” and remove all annual charges. “It shows that unfair trade practices are galore and such terms in fine print cannot be read to the advantage if persons who unilaterally imposed these,” stated the order passed by the Consumer Disputes Redressal Forum (district New Delhi).” (Source: The Times of India, Jan 2, 2013, 04.41 PM IST)

Yours Sincerely,
S/D Dr. Debaprasad Banyopadhyay


About Debaprasad Bandyopadhyay

Debaprasad Bandyopdhyay (b. 1965), through his 25 years journey in the realm of institutionalized academics did 27 different types of works, which are someway different from the earlier paradigms or, one might say that those works are not only mere reproductions of his inherited institutionalized cultural capital or a mimicry of a colonially imposed model that leads to intellectual anorexia or rather a type falsification of earlier paradigms. However, that might be not only a lofty claim but it also hid the fact that all our information and knowledge are socially accumulated knowledge that was, it is matter of regret, posed as private property through the sign © and the wisdom is rarely available. Bandyopadhyay’s works and projects are the products of his social milieu. Bandyopadhyay is a local sub-altern public sphere academician, who avoids the technical intelligentsia (followers of Sahib’s models and they are not committed to the persons who are accommodating surplus work-time to them by performing surplus labour) or inorganic intellectuals and thus fails to be a part of academic tribe and its subsequent socialization process. Of course, that socialization process does not lead to legendary Socratic dialogue. He is also a political activist though he has not affiliated to any political parties as he was always talking about the corporatization of political parties within the money-sign-based democratic system. He is a regular participant in TV and radio talk-shows and documentary films, street-corners’ talks and International seminars on socio-political, psychological, linguistic, environmental and economic issues. He also writes editorial columns in newspapers. He is also a part of parallel academics as it is found in West Bengal’s Little Magazine Movement, though that was not counted as the part his academic pursuit by his parent institute. His parent institute justifiably does not believe in the domain of parallel academics as this unorganized sector does not directly contribute in the transactions of formal/organized print capitalist eco-enemy paper-publication. Though the dissemination of knowledge is also observed in this space of these parallel academics as all these writings in public sphere simultaneously influence the classroom-discourse and some of them are translated into English, French and Italian. Not only that, Bandyopadhyay also sought engagement with the people, who, by supplying their surplus labour, are sustaining his livelihood. Bandyopadhyay, a linguist by training and a Ph.D.-holder (1996), a junior lecturer (1999-2011) in an autonomous central government institute in India, tries his best for those from he has received and is receiving the manifestation of surplus labour by executing some self-funded projects on economic issues in West Bengal, India. Recently he has got a consolation promotion to the post of Assistant Professor. He has done following 27 research works: 1. Crippled Creativity: An inquiry into language, psyche, society: 2. VALENCY OF BANGLA VERB AND PROBLEM OF COMPOUND VERBS: 3. Archaeology of Bangla Grammar : 4. CAN COMPUTER SPEAK? 5. FUZZY LOGICAL EXPRESSION IN BANGLA : 6. FOLKLORE AND FOLK-LANGUAGE: MYTH OR REALITY? 7. HISTORICISM IN THE DISCOURSE OF BANGLA LANGUAGE AND LITERATURE 8. ABHABA, ECP, DELETION AND TRACE 9. SVATVA OR MY-NESS AND ECONOMIC ENTITLEMEMT 10. TRANSLATION STUDIES 11. MASCULINITY STUDIES 12. YAYATI & BABAR COMPLEX 13. SOCIO-ECONOMIC SURVEYS IN AGRICULTURE AND INDUSTRY IN WEST BENGAL 14. CONCEPT OF BODY IN INDIAN PHILOSOPHY AND ARCHITECTURE 15. THE CONCEPT OF ERROR (KHYATI) IN MAD-(WO)MEN’S LANGUAGE 16. THE CONCEPT OF PERCEPTUAL TIME AND GRAMMATICAL TIME IN BANGLA 17. BANGLA CALLIGRAPHY, LANGUAGE ART AND LINGUISTIC PEDAGOGY 18. WO(L)D SPACES: NON-EXISTENCE OF WORDS 19. ANEKANTA METHODS 20. SILENCEME: SILENT OTHER IN LINGUISTICS 21. IMAGINED BOUDARIES AND PRE-COLONIAL INDIAN IMAGI-NATION 22. MAKING OF THE INDIAN PHILOSOPHY OF SCIENCE 23. SEGMENTING THE SUPRASEGMENTALS : MUSICKING IN SPEAKING 24. INTERPRETING GENETIC STRUCTURE BY DEPLOYING LINGUISTIC STRUCTURE 25. GLOTTOPOLITICS OF LINGUISTIC SUBALTERNITY OR AN AGENDA FOR PLANNING FROM BELOW 26. SEMIOTICS OF PHOTOGRAPHY 27. SOCIOLOGY OF CONTEMPORARY ACADEMICS
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One Response to Unmasking Ethical Fraud: Standard Chartered Bank & Bajaj Allianz Insurance Co

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