3 Crores overdrawn on ATM cards

A customer of Vijayawada branch of Indian Overseas Bank is reported to have drawn over Rs 3 crores using his ATM debit card without having balances in his account.

It is reported that a technical glitch prevented the debits made in Australia go unaccounted.

The withdrawals had occured over a period of two years and the customer has now been arrested by CBI. Details

It is possible that the withdrwals actually may constitute an overdraft granted to the customer which have to be recovered after due notice. Though the customer may be accused of “Bad faith” charges of “Cheating” or “Fraud” may be challenged.

Naavi

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About Vijayashankar Na

Naavi is a veteran Cyber Law specialist in India and is presently working from Bangalore as an Information Assurance Consultant. Pioneered concepts such as ITA 2008 compliance, Naavi is also the founder of Cyber Law College, a virtual Cyber Law Education institution. He now has been focusing on the projects such as Secure Digital India and Cyber Insurance
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