π $100mn West Asia fund troubles for HDFC NRI clients π
HDFC Bank is facing customer complaints regarding the sale of a financial product that reportedly raised $100 million. This issue involves 70 investors in West Asia, who invested between 2017 and 2019 for promised 14-16% returns. The investment was in Luxembourg Life Fund run by Carlisle Asset Management, which stopped redemptions in late 2020. HDFC Bank claims it only facilitated the investment and the fund house holds the responsibility for performance. The bank stated it has liaised with regulators but denies any mis-selling incident.