Rs1.33 Crore Withdrawn from NRI's Account through Fake Cheques and Changing His Registered Mobile Number
In a shocking incident, Dr Ajay Sood, a non-resident Indian (NRI) settled in the US, found Rs1.33 crore withdrawn from his account in Bank of India, that too when the original cheques are with him even today. He also found that his registered mobile number was changed and an Aadhaar number, which he does not have, was added in his account details in the bank. 
 
He has been running from post to pillar, including calling and speaking with several officials at Bank of India and even Reserve Bank of India (RBI). But all in vain as both these organisation are not even responding to his repeated emails, calls and messages. The worst is that nobody the RBI's consumer education and protection department, even bothers to answer the call. 
 
Sharing his experience with the RBI, Dr Sood says, “I called the RBI Governor's office, and spoke with one lady Naya, who asked to to call CEPD (Consumer Education and Protection Department) on 22630483. I tried that number five times every half hour and then called Naya back. She gave me another direct number 22631743 of CEPD, but no there was response. Called Naya again and she gave me the deputy governor's office number 22611097. On this number, I spoke with Nilima but she too redirected me to CEPD. In the meanwhile I forwarded my email complaint to CGM CEPD at [email protected] I will keep trying."
 
In this case, Dr Sood found his registered mobile number was changed, and there was an Aadhaar linked with his bank account with his father's wrong name. However, he never had any Aadhaar. 
 
He could not file complaint with the Banking Ombudsman, as the online form requires him to provide local contact number, debit card number and address, which he does not have and the portal does not allow him to use his US details. He sent an email to the Ombudsman, which was accepted as his complaint and forwarded to the nodal officer at Bank of India. But even after two months, he has not heard from anyone.  
 
Dr Sood had a joint account with his mother and brother in Bank of India. In December 2017, as per their mutual agreement, the account was transferred in Dr Sood's sole name as non-resident ordinary (NRO) account. This account had all the lifetime savings of his mother as she wanted him to care for her in her old age. Dr Sood continues to have in his possession the chequebook issued at the time when the NRO account was opened. 
 
However, while checking his statements on 20 July 2018, he found there were two withdrawals of Rs98 lakh and Rs35 lakh using cheques from his NRO account. To his utter shock, he found, two cheque numbers from the chequebook in his possession in the US, were used to withdraw Rs1.33 crore. Dr Sood says he neither shared the cheque numbers nor any cheque with anyone. Yet, Rs1.33 crore were withdrawn from his bank account in Chandigarh.
 
After speaking with an official dealing with NRI accounts, he filed a complaint with the bank manager in Chandigarh. 
 
By engaging a local lawyer, Dr Sood, on 10 August 2018 also filed a first information report (FIR) with the economic offenses wing (EOW) of Chandigarh police. 
 
In the meantime, he sent email complaints to Bank of India's chairman and managing director Dina Bandhu Mohapatra, the Bank's nodal officer and assistant general manager at Chandigarh. But he received no response. 
 
Then on 2 August 2018, he filed email complaints with the Banking Ombudsman at Chandigarh, for which, on 6th August, he received acknowledgement that his complaint was successfully registered. The Ombudsman told him that his complaint is sent to Bank of India's nodal officer in Chandigarh for further action. 
 
Dr Sood has been sending emails to Bank of India's nodal officer, who is saying the matter is under investigation with the Bank and police and would take more time. He also requested the Bank for provisional credit in his account, but there is no response either. He has been continuously asking the Bank, without any success, to provide him copies of the cheques used to withdraw Rs98 lakh and Rs35 lakh from his account.
 
He contacted the investigating officer in EOW, who informed him about the change in his mobile number and submission of Aadhaar on 11 May 2018. Dr Sood says, "The Aadhaar card apparently has the same picture as my bank records. It states name of my father as Surender whereas my father's actual name is Dharam Inder. I have no Aadhaar card linked to my bank account since NRO accounts do not have such a requirement. I do not know if they used a PAN card, and whether that corresponds to the one in my bank records. There was a fraudulent communication with the bank in my name via a non-registered email before a bank official approved transfer my funds. Someone was aware of my account balance since almost the entire amount was transferred."
 
He also found that Rs98 lakh from his account were transferred to one Sachin Yadav from Gurgaon and Rs35 lakh to one Mukesh Thakur from Ujjain. However, Dr Sood claims that these two individuals are not being questioned by the police or the Bank. In fact, he says, Bank official are insisting with the police that someone known to him would have done the transactions while strongly denying any involvement of Bank employee/s. 
 
Dr Sood has even filed complaint with the NRI Cell in Chandigarh, to Sushma Swaraj, minister for external affairs. He also filed an online complaint to the public grievances portal. But there is no response from anyone. 
 
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COMMENTS

Satish Mathew

2 months ago

This type of incidents are happening through the negligence of bank employees.

REPLY

Sunil Rebello

In Reply to Satish Mathew 2 months ago

FOR SURE IT IS NOT 'the negligence of bank employees"
This seems to be a clear case of insider fraud and active involvement of bank staff.

V.Krishnamoorthy

2 months ago

It is absolutely true. My daughter could not resolve the issue with her deposits for six long years from the bank where a ceo has laid down the papers now.

S SRINIVASA RAJAN

3 months ago

This seems to be a clear case of insider fraud and active involvement of bank staff. Absolute shame on the part of MD&CEO of Bank of India and its management team for not getting the case investigated promptly and take remedial action. And on top Bank Unions always resist any move to bring more fairness and transparency in the PSU Banks.

Manoj

3 months ago

Am aware of a case where a retiree had a personal loan taken in his name and he became aware of the same only when he got unpaid EMI calls. When he asked the reputed private sector bank's manager how a loan could be taken in his name without an agreement form signed by him, he was told these things can be processed digitally for account holders. While the manager admitted it appeared to be an insider job, he changed his version later and the person is running pillar to post for a year now. Complaints to top management of banks do not elicit a response. My sympathies to the victim, and advise a lot of caution to savers. Indian banks are certainly not safe with this government encouraging kleptocracy in the name of eradicating black money. Fact is, any excuse is good enough as long as it gets the government some sheckles.

REPLY

Sucheta Dalal

In Reply to Manoj 3 months ago

well, we have helped this victim recover his money. you may want to tell the person you know to connect with our not-for-profit foundation http://foundation.moneylife.in and seek Free help through the appropriate helpline

Satish Mathew

In Reply to Sucheta Dalal 2 months ago

Your help is awesome. God bless you and your team.

Lusi T Seb

In Reply to Sucheta Dalal 2 months ago

Wow ! If its true, a heart felt greetings to u. But we would like to hear this from the victim himself

Arpita Padiyar

In Reply to Sucheta Dalal 3 months ago

Good to know. Place update this in the article

Arpita Padiyar

In Reply to Arpita Padiyar 3 months ago

Place =please

K V RAO

3 months ago

Culprits may be apprehended but there is no guarantee that you will get your money back. If you file a case, it gets dragged, thanks to our efficient judiciary.

Dayananda Kamath

3 months ago

The culprit is forced digital India. Even in case of CVC if you send an email to the official email you will receive a disclaimer. That it will not be attended. So complaining also you have to have so many elegibilities and if you don't have your complaint will be ignored even if it contains the issue of selling the country by the vested interest.
Is it not duty of the authorities look into the issue. Even Sebi, RBI, cdsl ombudsman IRDA, Pgportal resort to such attitude. So all these crisis are creations of all these authorities and want to protect themselves misusing the powers vested in them.

Sunil Rebello

3 months ago

after going through the article / story.. IT DIRECTLY INDICATES AN INSIDE JOB.

BOI needs to pay up for their staff loot.

T S Easwaran

3 months ago

I suggest that the aggrieved should tweet/email the PM himself directly copy to PMO and hope they will push everybody for action. Also should consider talking to print media for publicising his troubles.

Madiraju Shreenivaas

3 months ago

No doubt Indian banks are not safe definitely there is an insider to this issue

REPLY

Dayananda Kamath

In Reply to Madiraju Shreenivaas 3 months ago

When their executives can punish officer who brings out their irregularities , and judiciary also supports such action saying since the officer is stickler for rules he can be given compulsory retirement, instead of removing from service. Mere change of words for approaching judiciary and after a long legal process with same effect. In such a country what better treatment you can expect.

Kamlesh kumar goyal

In Reply to Madiraju Shreenivaas 3 months ago

Sir whatever it is we all know nothing is safe in our nation even than his life time mums money all gone in just 2 fake transaction,very painfull to know

tanay

3 months ago

This is simply a disaster! If our money is not safe even in a bank account, of one of the top 5 nationalised banks in India, where the hell do we keep our savings?

If kept in cash, there is risk of Modi demonitising it
If in liquid fund, there is risk of default from an AAA rated paper which the sleeping credit rating agencies will discover only after the water has flown
If kept in PPF, Post office, there is lock in period

Where to keep money?

REPLY

NC Jinthuibo

In Reply to tanay 3 months ago

Ask to Modi or to the banks! Aadhar Sadar mother cards are for stealing something I think.

Kamlesh kumar goyal

In Reply to tanay 3 months ago

Here every day we talk of digital India ,how data's will be safe by Google pay,what's app ,and other wallets whose transaction will or may be shared including data in other countries rather than India

CSSBHARATHI

3 months ago

If only he had his original mobile, Aadhar and Pan card linked....! Mobile number may be changed, but not Aadhar and Pan...
Here he had given mobile number but not the NON VARIABLE identity....

NZ OZ

3 months ago

Never open a NRE a/c with a nationalised bank as most frauds happen there. Also they make you run around with zero results. Once the matter is in courts it could take up to 20 years to get justice. This is how India works.

SuchindranathAiyerS

3 months ago

Indian Grand Larceny; evolving and growing since 1947: Like grabbing agricultural land belonging to absentees, grabbing bank balances of absentees has been raised to a fine art in an India where Grand Larceny has been lawfully established

Mihir A. Kulkarni

3 months ago

This is really shocking and the amount involved is huge. Am sure MoneyLife will do its best. What wrong did the person do to land-up in such a helpless situation?

Parimal Shah

3 months ago

This looks like an inside job because except for bank staff no one can have the same check numbers. The photo matching the one in bank record also points to some one in the bank being involved.
Ignoring to investigate further also creates a suspicion as to they are avoiding real investigation. The guilty must be caught and punished real good.

REPLY

Lusi T Seb

In Reply to Parimal Shah 3 months ago

Our bank account details are being shared by one of the staff at Reserve bank itself. They have our contact No's, names address available with them. One incidence I have not much salary, nor I have applied for credit card, bank calls up saying your civil score is good and we are offering you credit cards. This seems extremely very shocking. I don't need it but still I am forced. What and why is this procedure?

RBI to ease SLR norms from October to induce liquidity
The Reserve Bank of India will ease the Statutory Liquidity Ratio (SLR) norms from October to induce liquidity into the financial system, amid concerns of a credit crunch.
 
SLR is a reserve requirement that commercial banks must maintain.
 
According to the RBI, "the increase in 'Facility to Avail Liquidity for Liquidity Coverage Ratio' (FALLCR), announced today (Thursday) for effect from October 1, 2018, from the existing 11 per cent to 13 per cent will take the carve out from SLR available to banks to 15 per cent of their NDTLA(Net Demand and Time Liabilities)".
 
The development comes days after the apex bank had assured that it will take steps to ensure adequate liquidity is available in the financial system.
 
"This should supplement the ability of individual banks to avail of liquidity, if required, from the repo markets against high-quality collateral," the RBI said in a statement on Thursday.
 
"This, in turn, will help improve the distribution of liquidity in the financial system as a whole."
 
In addition, the apex bank said that it will use various available instruments to meet the durable liquidity requirements of the financial system.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

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SBI to sell 4% stake in SBI General Insurance, post regulatory approvals
Lending major State Bank of India (SBI) will divest four per cent stake in SBI General Insurance company for Rs 481.73 crore post regulatory approvals.
 
According to a BSE filing, the bank's Executive Committee of Central Board (ECCB) on Wednesday approved the divestment of "86,20,000 equity shares" to "Axis New Opportunities AIF-l (Axis AMC Ltd.) and Pl Opportunities Fund-I (Premji)".
 
The filing added that the transaction is subject to regulatory approvals. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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