Unauthorized SIP started by ICICI - Need help to navigate

[vijay.vj]

Hello All,

So I have a salary account in ICICI + demat which I opened in 2016. Somewhere around 2020, I closed demat account during covid times by sending closure form over email. No AMC charges were deducted since then.

Now back to 2025 Aug, I created a lumpsum and a SIP in Bandhan mutual fund at AMC website. SIP was meant to be starting from Sept. So around 8th of sept, I logged into Bandhan AMC website only to notice that unauthorized SIP of 4k in "Bandan Bond Fund Income Plan - Regular plan - Growth" set to be debited starting 15th Sept every month. Money is meant to be debited from ICICI Bank account. They already placed the redemption request also. Meaning money will disappear regularly for few months, and then boom they get credited. Not many would notice as there was no email nor SMS communication.

I tried to cancel it, but AMC is not allowing me to cancel it. Spoke with their customer care, they said SIP is from 3rd party so I need to contact 3rd party to cancel it. They didnt care when I said its unauthorized. But they said its registered offline via ICICI securities.

I checked ICICI bank MF, no SIP active. I was able to reset and login into ICICI demat account (which was again meant to be closed), which said KYC needs to be done due to 2 years of inactivity. Checked MF part there, no active SIP's.

Spoke with ICICI securities, they just didn't even care, just kept transferring calls from dept to dept till they hanged the call.

I sent out email to Bandhan AMC to cancel this fraudulent SIP, not sure if they will do it.
Sent out email to ICICI bank and ICICI demat...

How can I block this debit which is going to happen in next 5 days if SIP is not cancelled by above parties?

 

[hender]

Hello All,

So I have a salary account in ICICI + demat which I opened in 2016. Somewhere around 2020, I closed demat account during covid times by sending closure form over email. No AMC charges were deducted since then.

Now back to 2025 Aug, I created a lumpsum and a SIP in Bandhan mutual fund at AMC website. SIP was meant to be starting from Sept. So around 8th of sept, I logged into Bandhan AMC website only to notice that unauthorized SIP of 4k in "Bandan Bond Fund Income Plan - Regular plan - Growth" set to be debited starting 15th Sept every month. Money is meant to be debited from ICICI Bank account. They already placed the redemption request also. Meaning money will disappear regularly for few months, and then boom they get credited. Not many would notice as there was no email nor SMS communication.

I tried to cancel it, but AMC is not allowing me to cancel it. Spoke with their customer care, they said SIP is from 3rd party so I need to contact 3rd party to cancel it. They didnt care when I said its unauthorized. But they said its registered offline via ICICI securities.

I checked ICICI bank MF, no SIP active. I was able to reset and login into ICICI demat account (which was again meant to be closed), which said KYC needs to be done due to 2 years of inactivity. Checked MF part there, no active SIP's.

Spoke with ICICI securities, they just didn't even care, just kept transferring calls from dept to dept till they hanged the call.

I sent out email to Bandhan AMC to cancel this fraudulent SIP, not sure if they will do it.
Sent out email to ICICI bank and ICICI demat...

How can I block this debit which is going to happen in next 5 days if SIP is not cancelled by above parties?

Can you share the screenshot of the sip mandate !!

 

[nixflix]

You must verify: did you sign a T&C or tick a field allowing the bank to act on your behalf? Also check if someone else ticked it later. Review all forms, including any missing ones (ask the bank for them). Contact RM/BM or the zonal office; general customer care won't help. Alternatively, try the first or second escalation level.

unauthorized

Check if it’s truly unauthorized, or if you mistakenly authorized it or were tricked.

Regular

You don’t want this. You want direct funds. Even if one SIP (4K) goes, redeem immediately and start your SIP on an SOA-based platform or AMC site.

They already placed the redemption request also….
How can I block this debit which is going to happen in next 5 days if SIP is not cancelled by above parties?

That’s why you may not be able to cancel. For example, even SIPs from Kuvera/etc (SOA) can’t be edited/removed if the date is too close (within a week or so) - I face this often.

3 problems:

1. This SIP—not a big issue. Redeem ASAP; tax will be minimal or none if value drops. You’ll still have time to get it removed via AMC or ICICI.
2. SIP created without your consent—huge issue!!! Escalate and make ICICI pay. You have RBI and SEBI both.
3. If a/c was “meant to be closed,” keep that closure email/ack slip. Often they don’t actually close it, citing SEBI compliance/loopholes (I logged into CDSL recently and I saw BO ID that I had closed 15 years ago). Check if you have confirmation and ensure you didn’t or were not tricked into reactivating.

Spoke with ICICI securities, they just didn't even care, just kept transferring calls from dept to dept till they hanged the call.

Email instead; avoid first-level or generic support. Be firm, concise, professional—angry (but try not to get really angry). Short, precise mails. Use LLMs and shit.

But if you don’t want to pursue escalation and see it to the end, just resolve it, close accounts, and (do this anyway) move to better/SOA platforms.

 

[vijay.vj]

Can you share the screenshot of the sip mandate !

This is all I can see

 

[hender]

View attachment 109562

This is all I can see

Start date 2019 it says !!!

 

[vijay.vj]

Start date 2019 it says !!!

Yeah weird, only in Aug I registered with Bandhan AMC