The Adjudicating officer of Telengana on 30th September 2019 awarded compensation to a victim of a fraud in ICICI Bank. The total amount which the customer (an NRI) had lost was Rs 43,07,525/-. The Bank had alleged that this was a Phishing case and hence the Bank is not liable.
However, the adjudicator considered that the Bank was negligent under Section 43 and 43A of ITA 2000 and hence liable to pay back the amount lost along with a further compensation of Rs 5,00,000/- towards mental agony, Rs 50000/- towards expenses and 9% interest from the date of loss.
Along with other cases from TDSAT, this is yet another case where the Bank was being held liable for the fraud.