This is regarding Kotak bank way of cheating customers.

In the year 2017 Kotak bank offered and thrusted on bank customers with the caption KOTAK BANK RESERCHED EXCLUSIVE MUTUAL FUND ONLY FOR KOTAK BANK CUSTOMERS.BY NAME NOW CALLED Nippon india capital builder fund iv series b regular plan growth..

The then branch manger of the bank visited customer houses with the assurances that this is well researched MF exclusive for Kotak bank customers and enticed with tall claims that this will fetch 12-15 % return annually and trusting him and top of Kotak bank we invested hard-earned retirement money with them and i invested 4 lakhs.

Now after 3 years the present NAV is Rs 7 inspite of present stock market peak. It NEVER /EVER crossed face value of Rs10 since inception. Now it is due for redemption after 3 years and the original investment of 4 lakhs become rs 280000/- .Had the money kept in sb account it would have fetched Rs 60000/- interest. The total loss is 2 lakhs for no fault of poor customers except trusting Kotak bank Research and the Bank managers sweet sales talk.We never approached the BM for suggesting investments. He only visited us and contacted over phone several times to invest in this MF.

Now the customers are feeling cheated  by Kotak bank and they can take shelter under MF investments are subject to market risk.But they have 100% moral and ethical responsibility to customers to repay the amount invested with SB interest for 3 years since the money was invested only on KOTAK bank assurance. and research.

I wrote several emails to Kotak bank MD and Contry head but no reply and the then bank branch manager is mum end enjoying his promotion for promoting this product.

Can any body suggest how to resolve this and make Kotak bank management accountable?