Latest news with #AshutoshVijan
Time of India
21-05-2025
- Business
- Time of India
Consumer court directs bank to refund Rs 2.4 lakh lost in online fraud
NEW DELHI: A consumer court in Dehradun has instructed a private bank to refund Rs 2.4 lakh to a customer, citing the bank's inadequate KYC verification that enabled fraudulent withdrawal from his account in 2016. The court also directed ICICI Bank's branch on Rajpur Road to pay Rs 25,000 in compensation and litigation costs, as per TOI reports. Ashutosh Vijan, employed in the merchant navy, submitted a grievance to the Dehradun district consumer commission regarding fraudulent activity on his NRI account. Earlier on March 3, 2016, he was notified via SMS of a Rs 1 lakh debit. Despite rushing to the branch, additional transactions occurred before his arrival. Bank personnel suspended his account and began efforts to retrieve Rs 5 lakh transferred to various accounts. Despite assurances of complete reimbursement within 30-45 days, no action materialised, and Vijan departed for his maritime duties. Following 10 months without resolution, Vijan sought assistance from the consumer commission. He highlighted the bank's failure to verify KYC for recipient accounts and noted that four transactions amounting to Rs 5 lakh occurred within 13 minutes, violating the mandatory 30-minute interval requirement. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch vàng với sàn môi giới tin cậy IC Markets Đăng ký Undo Upon examining the evidence, the commission supported Vijan's assertions. They observed that no senior official had provided an internal investigation report. The investigation revealed that all recipient accounts were fraudulent without proper KYC verification. While the bank returned Rs 2.6 lakh, Rs 2.4 lakh remained outstanding. The commission mandated the bank to repay the remaining sum with 7% annual interest from the complaint date, along with Rs 20,000 as penalty and Rs 5,000 for legal expenses. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
20-05-2025
- Business
- Time of India
Consumer court orders bank to refund Rs 2.4L lost to online fraud due to KYC breach
Dehradun: A consumer court has ordered a private bank to refund Rs 2.4 lakh to a customer after finding that its failure to complete KYC checks allowed fraudsters to siphon off funds from his account in an online scam in 2016. The court also directed ICICI Bank 's branch on Rajpur Road to pay Rs 25,000 in compensation and litigation costs. Merchant navy officer Ashutosh Vijan had filed a complaint with the Dehradun district consumer commission after his NRI account was compromised in an online fraud . On March 3, 2016, Vijan received an SMS about a debit of Rs 1 lakh from the account. He rushed to the bank but before he arrived, he received more transaction alerts. At the branch, officials blocked his account and initiated action to recover Rs 5 lakh that had been transferred to other accounts. The bank assured Vijan that the full amount would be restored within 30 to 45 days. However, the refund never came and Vijan returned to duty on his ship. After 10 months of inaction, Vijan approached the consumer commission. He said the bank failed to carry out KYC on the accounts where his money was transferred. He also flagged the lack of a mandatory 30-minute gap between four back-to-back transactions totalling Rs 5 lakh, which were executed within 13 minutes. The commission reviewed the documents and upheld Vijan's claims. It noted the absence of an internal investigation report from a senior official. It was found that all four beneficiary accounts were forged and had not undergone any KYC checks. Vijan said the bank refunded only Rs 2.6 lakh, while the remaining Rs 2.4 lakh was never returned. The commission ordered the bank to repay the outstanding amount with 7% interest per annum from the date of the complaint. It also directed the bank to pay Rs 20,000 in penalty and Rs 5,000 towards litigation costs.
