Legal Question in Banking Law in India

Dear Sir/Madam,

Last year July someone did some fraud transfer from my account and immediately we talk to bank guys now its 6 month and we didn't got money from bank .

Now i got email from bank and please advise on this letter do i need to sign as if while reading this email no where its mentioned that they will give our money back sure & It seems like clean chit to bank that in this case bank is not responsible for the fraud .

Below is the content of letter :-

Dear Sir / Madam,

Subject : Requesting the Bank to Credit funds in my Account No. __________________

This is in regards to my complaint to the Bank on (complaint letter date) wherein I had mentioned that there was an unauthorized debit from my account number _________________. I confirm that I have not made any such transactions personally and have no financial dealing with the said beneficiary whatsoever. However, the Bank has informed me that the said transaction has been done by using my Customer Id and Password.

As explained by the Branch Personnel the unauthorized debit took place in the account due to SIM card duplication with lack of control observed at the telecom service provider�s end of which the Bank had no means of knowing or control over the same and I confirm that there are no lapses at the Banks end.

I had contacted my telecom service provider and they confirmed that an imposter had deactivated my SIM and procured a duplicate SIM card on ___________, and accordingly the One Time Password (OTP) and subsequent IPIN was re-generated without my knowledge and consent. The letter issued by the Telecom Service Provider to this effect is attached herewith for your reference and record.

I hereby request the Bank to credit my account number ________________, for the said amount (mention the amount); which is the same account from where the funds were transferred to the fraudulent beneficiary account. The said payment is in full and final settlement of my claims against the Bank in respect of this disputed transaction.

While the Bank is fully re-instating the unauthorized debit which took place pending investigations by the competent authorities, I hereby indemnify the Bank at all times from and against all claims, demands, actions, proceedings, loss, damages, liability costs (legal cost being between Attorney/Advocate and clients) charges and expenses whatsoever, which may be made or brought or commenced against the Bank by any third party and be paid, sustained, suffered or incurred by the Bank, as a consequence of the Bank crediting the amount of Rs____________/- into my account.

I further undertake to forthwith pay without any demur, protest or contestation to the Bank any amounts which may be demanded from the Bank and hereby give an irrevocable and unconditional authority to the Bank to debit any of my account(s) maintained with the Bank to recover the said amount due pursuant to the Indemnity herein.

Yours faithfully,

(Signature of the Customer as per Bank record)


Asked on 1/17/13, 1:16 am

4 Answers from Attorneys
uttam Tibrewal

if bank is not ready to pay then you file a complain in banking ombudsman........

for any further help contact at [email protected]

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Answered on 1/17/13, 1:57 am
Fca Prashant Chavan Expert Edge LLP

17.01.2013

Dear Sir / Madam (Sector 7, Bhilai, Durg, Chattisgarh)

The letter that the bank wants signed by you clearly states that the bank will be crediting your A/c with the defalcated sum on submission of the signed letter, and they will initiate independent investigation proceedings in the matter. All you are stating is your willingness to indemnify the bank with the amount in the event you are found guilty of your own account of negligence which enabled the fraudster to take advantage of the system.

My question to you here is whether you had simultaneously lodged a Police Complaint when you realized the wrong debit to your A/c, because doing so would safeguard you of loss caused by an internal collusion by a bank official to siphon monies from customer's A/cs by circumventing the system, which the local Police would independently investigate by questioning the bank's official(s).

As per the bank's standard format letter, you are also required to contact your telecom service provider (TSP) and furnish a letter from them to this effect. Please check out with your TSP on the procedure. If they do not co-operate with you, please delete that paragraph from the bank standard format, to leave room for internal investigation on a bank official and cut out the possibility of the bank trying to shift the onus on the TSP.

Advice and assistance of a local Chartered Accountant in the matter is also recommended.

Regards,

FCA Prashant Chavan

Mumbai

(You can keep me posted of further developments on-line at [email protected])

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Answered on 1/17/13, 2:01 am
J. Radhakrishnan independent Practice

I agree with the views of Prashant Chavan with win amendment that you take the assistance of an Advocate

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Answered on 1/17/13, 3:22 am
Sanjay Kalra Sanjay Kalra & Associates

I feel you should engage a lawyer to take you out from this imbroglio..........Please check Sanjay Kalra and Associates on the internet to know more about your query and the legal services we are rendering for our clients from all over the World.

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Answered on 2/07/13, 11:06 pm


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