NRI accuses pvt bank, insurance company of fraud

An NRI has filed a complaint with Punjab State Commission for NRIs here, accusing a private bank of putting his money into insurance policies instead of keeping it as fixed deposits.
Partap Singh Mann, a resident of Germany, in his complaint, alleged that the private bank's branch here issued him five insurance policies of a private company amounting to Rs 90 lakh rather than investing the money in to fixed deposits as requested by him, said an official release issued by the NRI Commission.
NRI came to know about it when private insurance company threatened him to forfeit his money for non-payment of insurance instalments, it said.

Then Mann lodged a complaint with the Punjab State Commission for NRIs which then issued a notice to bank and insurance company.
Thereafter, the private insurance company and bank agreed to refund the amount to complainant by arriving at a settlement with the complainant, it said, adding, insurance company agreed to refund the Rs 90 lakh to the complainant within 30 days of the order.