Indian banks turning to fraudulent schemes to drive business?

Here is a new e-mail that my friend got after his loan rejection(he got the same offer again):

"Dear Customer,  We are immensely pleased to present to you 'your no questions asked pre-approved personal loan.' This money is available to you:  Without having to show any income proof    With the most attractive rates of interest Not just that, your loan will be processed in 3 working days so that you can start living your dreams right away.  So what are you waiting for?    Hurry! This offer is valid till March 30, 2009. Sincerely,   ********* Business Head - Personal Loans"

Isn't there something illegal about saying  'your no questions asked pre-approved personal loan' without actually meaning it.  (My friend got rejected on the basis that he was not married - so much for no questions asked).  I would now ask any foreign investor outside of India to be very careful.  When I see behavior similar to that of bait and switch scheme i get worried.  ICICI bank in my view has reduced itself to a shell game.  Be careful.

In the words of Jon Stewart - "F#@k Y@%"