Mission SRK: Hold Brand Ambassador Accountable in the DHFL Fiasco!

Posted on 20th July, 2025 (GMT 17:10 hrs)

ABSTRACT

The article highlights an initiative by financially abused DHFL victims who have sent letters to consumer rights authorities in India and the Prime Minister’s Office (PMO). They are specifically emphasizing on the role of Shah Rukh Khan, the company’s former brand ambassador, to recognize their plight and support their quest for justice. The victims, many of whom are senior citizens and small investors, contend that SRK’s endorsement fostered their trust in DHFL, which subsequently collapsed, erasing their life savings. This campaign seeks to hold him morally accountable while advocating for increased scrutiny and legal responsibility for celebrities endorsing financial institutions, positioning it as a battle for justice and consumer rights.

I. Introduction

In a time when celebrity endorsements wield immense influence over public perception, the line between advertising and accountability grows dangerously thin. This blog post presents a formal complaint lodged against Mr. Shah Rukh Khan, former brand ambassador of Dewan Housing Finance Corporation Ltd. (DHFL), for promoting what turned out to be one of India’s largest financial scams. Framed within the provisions of the Consumer Protection Act, 2019, these letters or appeals of complaint to the Central Consumer Protection Authority (CCPA), Ministry of Consumer Affairs, and the Prime Minister’s Office (PMO) for the representation of the DHFL victims’ voices seek redress not only for the financial devastation suffered by lakhs of depositors—but also a reckoning with the ethical responsibility of public figures who endorse financial institutions without due diligence.

II. Email Letter to the Central Consumer Protection Authority (CCPA)

To 

The Hon’ble Chief Commissioner,

Central Consumer Protection Authority (CCPA), 

Ministry of Consumer Affairs, Food & Public Distribution 

Krishi Bhavan, New Delhi – 110001

Sub: Complaint Against Mr. Shah Rukh Khan (Former Brand Ambassador of DHFL) for Promoting Misleading Advertisements Resulting in Massive Consumer Harm

Respected Chief Commissioner,

I, the undersigned, write this complaint under Section 21 of the Consumer Protection Act, 2019 against Mr. Shah Rukh Khan, noted 4th (globally) richest film actor⤡ and former brand ambassador of Dewan Housing Finance Corporation Ltd. (DHFL), for disseminating false and misleading advertisements that caused widespread public reliance and consequential financial loss.

1. Background

• Mr. Shah Rukh Khan actively endorsed DHFL through multiple promotional campaigns (TV, digital, print) between 2015 and 2018, portraying the company as a secure and trustworthy financial institution. Some contextualized evidential instances of the same could be located through the following hyperlinked articles for your kind perusal: 

Mr. Shah Rukh Khan, The Brand Ambassador Of DHFL, Has Deceived The Victims Of The DHFL Scam VIEW HERE ⤡

Tweets to Mr. Shah Rukh Khan, Ex-Brand Ambassador of the DHFL VIEW HERE ⤡

• These endorsements were critical in persuading retail consumers—including senior citizens, pensioners, and middle-class investors like myself—to place their life savings in DHFL fixed deposits and bonds.

2. Facts of the Case

• DHFL was later exposed in one of India’s largest financial frauds⤡ in 2019, leading to its bankruptcy and a resolution process under the heavily amended Insolvency and Bankruptcy Code (IBC) led by the RBI-appointed Committee of Creditors (CoC), in which lakhs of fixed depositors and non-convertible debenture holders lost their savings substantially under the resolution plan of Mr. Ajay Piramal ⤡.
• The resolution plan approved by the RBI-appointed CoC excluded retail FD and NCD holders from full recovery while allowing a corporate takeover by the Piramal Group at a heavily discounted price, including the equating of 45k crore worth of assets with only one rupee.
• Mr. Khan’s promotional content significantly contributed to the brand image and trustworthiness associated with DHFL at that point of time in terms of the public perception.
• As per Section 21(5) of CPA 2019, endorsers must undertake due diligence prior to making endorsements. There is no evidence available with us that shows Mr. Khan performed any due diligence, or withdrew his endorsement even as DHFL’s defaults became public in 2019.

3. Legal Grounds

This complaint is based on the following provisions of law in this potential context:

• Section 2(47) – Misleading Advertisement
• Section 21(2) – Liability of Endorsers
• Section 21(5) – Failure to Exercise Due Diligence
• Section 89 – Penalties for Misleading Advertisements

4. Reliefs Sought

I respectfully request the Central Consumer Protection Authority to:

1.    Initiate an inquiry against Mr. Shah Rukh Khan under Section 21 of CPA 2019.

2.    Direct Mr. Khan to issue a public apology and dissociate his image from DHFL’s legacy advertising.

3.    Impose monetary penalties under Section 89 for endorsing a financial institution without exercising due diligence.

4.    Order disgorgement of endorsement fees (reportedly ₹6–10 crore) and direct that amount towards a victim relief fund.

5.    Prohibit Mr. Khan from endorsing financial products for a period of up to 1 year, in accordance with Section 21(2).

Moreover, we remember Sri Mithun Chakraborty, who set a significant precedent in handling cases related to financial discrepancies. On June 16, 2015, it was reported that Mithun Chakraborty returned ₹1.19 Crore to the Enforcement Directorate in relation to the Saradha Ponzi Scam⤡, showing remarkable accountability in such matters. 

If Mr. Chakraborty could undertake such an exemplary action in the case of a Ponzi scheme, why shouldn’t Mr. Shah Rukh Khan be expected to do the same in the case of an once AAA-rated NBFC, like DHFL?

Declaration

I declare that this complaint is made in good faith, in the interest of consumer justice, and not for any personal or commercial motive. I am willing to participate in hearings or submit further documentation if required in this regard. 

Looking forward to your esteemed response. 

Yours Most Sincerely,

Debaprasad Bandyopadhyay

On Behalf of all the distressed DHFL Victims (Usual Disclaimers Apply), as voiced through Once in a Blue Moon Academia (OBMA)⤡

Date: 20.07.2025

Place: Kolkata, West Bengal, India

See Also:

Let’s do it: Hitchhiking for Zakat for the ailing FD and NCD- Holders of the DHFL: a letter to SRK, DHFL Brand Ambassador VIEW HERE ⤡

III. Email Letter to the Ministry of Consumer Affairs, Government of India

To

The Hon’ble Minister,

Ministry of Consumer Affairs, 

Government of India,
Krishi Bhavan, New Delhi – 110001

Sub: Request for Action Against Mr. Shah Rukh Khan for Misleading DHFL Advertisement under the Consumer Protection Act, 2019

Respected Sir/Madam,

I am writing as a victim of the Dewan Housing Finance Corporation Ltd. (DHFL)⤡ financial fraud, which led to the loss of my fixed deposit savings following the corporate insolvency resolution process.

I humbly submit this plea under the provisions of the Consumer Protection Act, 2019, against Mr. Shah Rukh Khan (4th richest film actor⤡), who served as a brand ambassador for the DHFL. By endorsing the then AAA-rated NBFC through high-profile media campaigns, Mr. Khan contributed to creating a misleading perception of safety and credibility around the company. It appears that this endorsement was made without conducting adequate due diligence, which significantly influenced public trust—particularly among vulnerable groups such as senior citizens.

As a result, thousands of consumers, including myself and my own family, placed their hard-earned life savings in DHFL. Following the initiation of the Resolution Process under the Insolvency and Bankruptcy Code (IBC), led by an RBI-appointed Committee of Creditors, Mr. Ajay Piramal⤡’s resolution plan was approved. This plan imposed steep haircuts on depositors, inflicting severe financial losses on countless DHFL victims. The emotional and economic impact of this outcome has been devastating, especially for elderly investors who relied on these funds for financial security in their twilight years.

Please find below the contextualized evidential instances lending support to our claims:

·       Mr. Shah Rukh Khan, The Brand Ambassador Of DHFL, Has Deceived The Victims Of The DHFL Scam VIEW HERE ⤡

·       Tweets to Mr. Shah Rukh Khan, Ex-Brand Ambassador of the DHFL VIEW HERE ⤡

Under Section 21 of the Consumer Protection Act, 2019, celebrity endorsers such as Mr. Khan can be held liable for misleading advertisements. In light of this provision, I respectfully urge the Ministry to take cognizance of the matter and initiate an inquiry, or direct the Central Consumer Protection Authority (CCPA) to do so. Specifically, we request the Ministry to hold Mr. Shah Rukh Khan accountable—either through financial restitution, disgorgement of promotional fees, and temporary prohibition from future endorsements, or by letting him issue a public apology.

In this context, we recall the exemplary conduct of Sri Mithun Chakraborty, who set a notable precedent in addressing cases involving financial irregularities. On June 16, 2015, it was reported that Sri Chakraborty returned ₹1.19 crore to the Enforcement Directorate in connection with the Saradha Ponzi scam⤡, demonstrating a commendable sense of accountability.

If Mr. Chakraborty could take such responsible action in a Ponzi scheme case, why should Mr. Khan not be expected to do the same in relation to DHFL—a company that was once AAA-rated but later embroiled in serious financial misconduct?

The public interest demands that no one, however influential, is above consumer protection laws, especially when ordinary depositors are silenced and left without remedy.

I humbly remain grateful to you for your attention. I remain available to provide supporting documents and testify, if the occasion for the same arises.

I look forward to a considered response from your esteemed authority on this matter.  

Yours Most Sincerely, 

Debaprasad Bandyopadhyay

On Behalf of all the distressed DHFL Victims (Usual Disclaimers Apply), as voiced through Once in a Blue Moon Academia (OBMA)⤡

Date: 20.07.2025

Place: Kolkata, West Bengal, India

See Also:

Let’s do it: Hitchhiking for Zakat for the ailing FD and NCD- Holders of the DHFL: a letter to SRK, DHFL Brand Ambassador VIEW HERE ⤡

COPY TO:

1. The Hon’ble Secretary, Ministry of Consumer Affairs, Government of India, Krishi Bhavan, New Delhi – 110001

2. The Hon’ble OSD, Ministry of Consumer Affairs, Government of India, Krishi Bhavan, New Delhi – 110001

IV. Email Letter to the Prime Minister’s Office (PMO), Government of India

To
The Hon’ble Prime Minister’s Office (PMO), Government of India,

South Block, New Delhi – 110011

Subject: Request for PMO’s Attention on Consumer Deception in the DHFL Scam and Accountability of the Brand Ambassador, Mr. Shah Rukh Khan

Respected Sir/Madam,

I write to your esteemed office as a citizen-turned-pauper and a victim of the Dewan Housing Finance Corporation Ltd. (DHFL)⤡  fraud, which has devastated the hard-earned life savings of thousands of small investors, including senior citizens, pensioners, physically challenged persons, Uttar Pradesh Power Corporation Limited (UPPCL), notable charitable institutions and widows of retired Indian army personnel.

Please find attached herewith copies of the complaints emailed to the Hon’ble Minister of Consumer Affairs and to the Central Consumer Protection Authority (CCPA), submitted under the provisions of the Consumer Protection Act, 2019, for your kind consideration and necessary action. The complaint pertains to Mr. Shah Rukh Khan, who served as the brand ambassador of DHFL during the period when the company ran misleading promotional campaigns that falsely projected its financial stability and integrity.

Mr. Khan’s endorsement of DHFL significantly influenced public trust in the company, particularly among vulnerable and less financially literate groups. This endorsement appeared to lack visible due diligence on his part, raising serious concerns about the responsibilities of public figures. Following the resolution process led by the RBI-appointed Committee of Creditors (CoC) under the extensively amended Insolvency and Bankruptcy Code (IBC), the outcome has been devastating: countless ordinary citizens have suffered financial ruin in the wake of Mr. Ajay Piramal’s takeover of DHFL⤡. Equally troubling is the resounding silence from powerful institutions that ought to safeguard consumer rights. This situation represents a grave breach of public trust, and it underscores the urgent need for accountability—not only from corporate entities but also from influential personalities such as Mr. Khan whose words carry weight in the financial decisions of the public.  

In this regard, I humbly request the Hon’ble PMO to:

1. Kindly acknowledge this complaint and forward it to the Central Consumer Protection Authority or the Ministry of Consumer Affairs for immediate and appropriate action;
2. Facilitate an institutional response given the vast scale of victimisation and breach of public trust involved;
3. Encourage reform in the endorsement ecosystem under the Consumer Protection Act, 2019, to ensure accountability and prevent such tragedies in the future.

Furthermore, we have already requested the Ministry of Consumer Affairs along with the CCPA to initiate an inquiry against Mr. Shah Rukh Khan under Section 21 of the Consumer Protection Act (CPA) 2019 for endorsing DHFL without exercising due diligence, and accordingly direct him to issue a public apology. Further, impose monetary penalties under Section 89 for misleading endorsement, and order the disgorgement of the endorsement fees reportedly amounting to ₹6–10 crore, directing the recovered sum towards a victim relief fund for the financially abused. Additionally, in accordance with Section 21(2) of the CPA 2019, directions could potentially be provided to prohibit Mr. Khan from endorsing any financial products for a period of up to one year.

When millions suffer in silence, we look up to the highest office in the land to hear the voice of the people. I remain hopeful of your intervention and thank you sincerely for your time and attention.

Debaprasad Bandyopadhyay

On Behalf of all the distressed DHFL Victims (Usual Disclaimers Apply), as voiced through Once in a Blue Moon Academia (OBMA)⤡

Date: 20.07.2025

Place: Kolkata, West Bengal, India

See Also:

• Mr. Shah Rukh Khan, The Brand Ambassador Of DHFL, Has Deceived The Victims Of The DHFL Scam VIEW HERE ⤡
• Tweets to Mr. Shah Rukh Khan, Ex-Brand Ambassador of the DHFL VIEW HERE ⤡
• Let’s do it: Hitchhiking for Zakat for the ailing FD and NCD- Holders of the DHFL: a letter to SRK, DHFL Brand Ambassador VIEW HERE ⤡

COPY TO:

1. The Hon’ble Secretary, Ministry of Consumer Affairs, Government of India

2. The Hon’ble Chief Commissioner, Central Consumer Protection Authority (CCPA)

(TO BE UPDATED…)