I n direct contrast to SEBI’s enthusiasm in the attempted-fraud, is the case of ML Sharma, a victim of gross mis-selling by his own bank. Mr Sharma’s manager at IndusInd Bank (Delhi) persuaded the 79-year old to invest Rs4 lakh in the product of a mutual fund house, DWS, which he was told was the Bank’s ‘Development of Wealth Scheme’—a fixed deposit. Mr Sharma was persuaded to break a fixed deposit, by waiving charges and transfer the money to this scheme.
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