Personal finance Wednesday

Sundaram MF unveils Fixed Term Plan–AH; EzRemit ties up with Axis Bank for remittance service; Rel Life got max policy sales among private insurers in Apr-Nov; Sundaram MF floats Fixed Term Plan–AJ

Sundaram MF unveils Fixed Term Plan–AH

 
Sundaram Mutual Fund has launched Sundaram Fixed Term Plan–AH, a close-ended income scheme.

The investment objective is to generate income with minimum volatility by investing in debt and money market securities, which mature on or before the maturity of the scheme.

The minimum amount is Rs5,000. The new issue closes on 31 December.

EzRemit ties up with Axis Bank for remittance service


EzRemit, part of money transfer services provider BFC Group Holdings, has signed a strategic agreement with private lender Axis Bank to facilitate an instant money transfer facility to receivers in India from across the globe.

The service will be available to Axis Bank account holders and also to receivers who are not Axis Bank account holders in India, a senior BFC Group Holdings official said.

BFC Group Holdings MD and CEO Ebrahim Nonoo said, “The tie up with Axis Bank is a vital part of our vision to expand our presence across India, one of the largest remittance markets in the world.”

Being one of the leading private banks in India, Axis bank with its vast network has the capability to deliver EzRemits’ reliable and convenient services to our growing customer base across India.

Rel Life got max policy sales among private insurers in Apr-Nov

Anil Dhirubhai Ambani Group company Reliance Life Insurance has emerged as the leading private sector insurer in the country in terms of the number of policies it sold in the first eight months of the current financial year.

Reliance Life Insurance sold 13,12,389 policies between April and November, 2010, as against 12,61,668 in the corresponding period last year, according to Insurance Regulatory and Development Authority (IRDA) data.

"Our wide-ranging products, catering to every section of the society, and pan-India presence with quality service helped us notch up this business milestone," Reliance Life Insurance executive director and president Malay Ghosh said.

Reliance Life was followed by Bajaj Allianz and ICICI Prudential, which sold 9,49,183 and 8,26,904 policies, respectively, between April and November this year.

Sundaram MF floats Fixed Term Plan–AJ

Sundaram Mutual Fund has launched Sundaram Fixed Term Plan–AJ, a close-ended income scheme.

The investment objective is to generate income with minimum volatility by investing in debt and money market securities, which mature on or before the maturity of the scheme.

The minimum amount is Rs5,000. The new issue closes on 7th January.

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Rs 400 cr fraud at Citibank’s Gurgaon branch; 20 HNIs swindled

New Delhi: A banking fraud which could run into a whopping Rs400 crore has been unearthed at leading multinational lender Citibank's Gurgaon branch in north Indian state of Haryana, reports PTI.

Gurgaon Police Commissioner SS Deswal said on Tuesday that an First Information Report (FIR) under sections of cheating and forgery against a bank employee and three others has been lodged and 18 accounts having close to Rs4 crore frozen.

Sources said funds amounting to Rs400 crore ($88 million) of 20 high networth individual (HNI) customers has been siphoned off.

The fraud is said to be a handiwork of Shivraj Puri, the employee who is alleged to have sold investment products to high networth clients claiming that they would generate unusually high returns.

It is also alleged that Mr Puri, who is named in the FIR, showed a forged notification of market regulator Securities and Exchange Board of India (SEBI) for obtaining funds from customers.

He is also accused of claiming that these products were authorised by the bank’s investment product committee.

The bank in a statement said, “We immediately reported the matter to all the relevant regulatory and law enforcement authorities. Identified suspicious transactions have been isolated and we are providing full assistance to the authorities in their investigations.”

Sources said Mr Puri allegedly sought deposits from high networth customers in lucrative schemes but transferred the funds to some fictitious accounts.

Funds amounting to Rs400 crore belonging to about 20 customers were transferred to such accounts, they said.

“We recently initiated an investigation into a certain set of suspicious transactions based on documents forged by an employee involving a few accounts in our Gurgaon branch,” the bank statement said.

The bank said the issue did not impact other accounts or transactions or customers of the bank.

The fraud comes to light a month after the Central Bureau of Investigation (CBI) uncovered the bribes-for-loan racket leading to arrest of many senior officials of the banks and financial institutions.

The bank officials had allegedly colluded with the firm to sanction large scale corporate loans, overriding mandatory conditions for such approvals along with other irregularities.

CBI has arrested CEO of Life Insurance Corporation of India (LIC) Housing Finance and seven others senior bankers including Naresh K Chopra, Secretary (Investment), LIC, RN Tayal, General Manager of Bank of India and Maninder Singh Johar, Director (Chartered Accountant) of Central Bank of India.

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COMMENTS

Rajan Manchanda

6 years ago

I have had a similar experience with Kotak Mahindra Bank Ltd wealth Management. They fraudulently collected a cheque for Rs.2.27 crores for a private Equity Fund "India Growth Fund" from me and paid Rs.1.25 crores to the seller of the fund. Duping me by Rs.1.02 crores.This is only a part of what transpired . The loss runs into crores of Rupees. When Bank itself is involved why be shocked by employee frauds at banks.

Shankar Ram

6 years ago

Well Well.... doesnt it sound like the popular fiction "If God was a Banker". Everyone knows that the fictional New York International Bank in that book was Citibank. Isnt it a curious case of Real Life imitating Ream (of paper)

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