Archive · 26 Aug 2026
Carlisle Investors Plan PMO Appeal Over Alleged HDFC Mis-Selling
Some investors bought a Carlisle-linked investment through HDFC Bank’s Dubai branch.
They say it was described as a safer product that could protect their money.
They also say they were offered borrowing, called leverage, which made their possible gains and losses bigger.
During the Covid-19 market crash, they allege this led to larger losses.
The investors also say they had problems getting information and accessing their money.
Hitesh Bhatia, one investor, said they plan to write to India’s Prime Minister’s Office.
They want the matter sent to regulators and investigators.
The report also mentions a separate 2025 action involving HDFC Bank’s Dubai financial-centre branch and Credit Suisse bonds.
Investors in a Carlisle-linked product reportedly plan to approach India’s Prime Minister’s Office this week.
They allege HDFC Bank’s Dubai branch marketed the insurance-linked product as a capital-protection investment.
Investors say leverage offered alongside the product increased their exposure and losses during the Covid-19 market crash.
A Dubai-based former banker alleged client-suitability, disclosure and liquidity problems involving the investment.
The move follows Dubai Financial Services Authority action against HDFC Bank’s DIFC branch in 2025 over alleged Credit Suisse AT1 bond mis-selling.
- Who
- Investors in a Carlisle-linked product, including Dubai-based former banker Hitesh Bhatia, and HDFC Bank’s Dubai branch.
- What
- Investors reportedly plan to approach the Prime Minister’s Office over alleged mis-selling, leverage, disclosure, suitability and liquidity issues.
- When
- The investors reportedly plan to write this week; Bhatia invested in 2019, and the related DFSA action occurred in 2025.
- Where
- HDFC Bank’s Dubai branch and its Dubai International Financial Centre branch are central to the report.
- Why
- Investors allege the product was presented as capital-protecting, while leverage increased their exposure and losses during the Covid-19 market crash.
- Product
- A Carlisle-linked, insurance-linked investment product.
- Reported promised returns
- One investor said it was presented with past annual returns of 12-19%.
- Investor action
- Investors reportedly plan to write to India’s Prime Minister’s Office this week.
- Main allegations
- Client-suitability lapses, leverage concerns, inadequate disclosures, investor losses and denial of liquidity.
- Named investor
- Hitesh Bhatia, a Dubai-based former banker who invested in 2019.
- Related regulatory action
- The Dubai Financial Services Authority reportedly acted against HDFC Bank’s DIFC branch in 2025 over alleged mis-selling of Credit Suisse AT1 bonds to retail customers.