ICICI Bank ordered to pay Ra 43 lakhs to a victim of fraud

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.

The Copy of the judgement is available here

Along with other cases from TDSAT, this is yet another case where the Bank was being held liable for the fraud.

Naavi

 

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2 Responses to ICICI Bank ordered to pay Ra 43 lakhs to a victim of fraud

  1. V. Rajendran says:

    It is a ‘speaking’ order. Very clear. Now, ICICI Bank should learn the lesson.

  2. Kapaleeswaran, V says:

    Mr Naavi is doing yeomen service to the common man in sharing such cases to create better awareness. Bank customers should be aware of how their hard earned money could be stolen, while banks could continue to take shelter under fancy technical terms. The judge should be appreciated for such clear judgement , in simple terms, that could be read and understood even by laymen. Thanks Mr. Naavi

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