Mis-selling of investment product which went bust

[Sdevi]

A Pvt Bank sold me fixed maturity Aditya Birla India Debt Fund in April 2017, maturing after 3 years in April 2020 with a guaranteed return of 7.02% p.a. which defaulted while approaching maturity. Any other geoexpateer had experienced similar fate? The bank is not honouring their guarantee owing to some disclaimers in their account mandate and also in their product offer sheet but agreed to pay a paltry sum of about 10% of the loss. Any suggestion how to deal with them? Also need recommendation for an affordable lawyer who can advise and take action in case there is no other alternative.

[shri]

In general with pvt banks this is what would happen....

- You have an established risk profile
- They can pitch you products within that profile
- You accept that you're sophisticated enough of an investor to assume and understand the risks associated with that product

A few cases (including one that went in the favour of the plaintiff...)

https://hsfnotes.com/asiadisputes/20...-recent-trend/

Also, enter your banks name in section 6 of this form to see what cases have been brought up against them and if there is any structural similarity:

https://legalref.judiciary.hk/lrs/co...rch/search.jsp

[freeier]

from those date ranges, don't think its a simple investment into a debt fund (which in that simpler case is unlikely to go 'bankrupt' and totally wipe out your investment, more like just some underlying going bankrupt and you still get back decent amount)... yours is likely a very highly leveraged investment on a fixed maturity debt fund/portfolio that probably went down 30-40% and wiped out your principal+borrowing.

You really have to establish what kind of marketing they did with you and how they describe that investment to you. They will be pulling out all the recording of conversations with you and you'd need to ascertain you did not agree to invest into something else different from what you now believe you did. Don't think banks will make that elementary error of over promising investment products that blew up later.... and I do know during those period the NRI community were jumping onto every FMP funds with leverage ....

[shri]

I do know during those period the NRI community were jumping onto every FMP funds with leverage ....

Pumped hard by the Indian desks at these banks...

[ndt]

Aditya Birla India Debt Fund

Bit on tangent, Its a reputed fund house so why not invest directly with them in India through NRI channel rather than some random Pvt bank through HK!! Was 7.2% guranteed return in HKD/USD or INR?