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TMI BlogFraud by a customer to the BankerX X X X Extracts X X X X X X X X Extracts X X X X ..... Fraud by a customer to the Banker X X X X Extracts X X X X X X X X Extracts X X X X ..... 39;s quite late to lodge an FIR. The customer is maintaining accounts in 2 different banks and one account in another bank as second holder. What action can I take now to recover the money? The amount involved is more than ₹50,000. Reply By Deepak Bubna: The Reply: Hello, Your query is incomplete. Did you inform your senior officials about the matter ? Is branch manager aware about it ? Cash deposit cannot take place without customer verification - In case of cash deposited through ATM, without logging in with debit card number and ATM pin and in case of deposit at the counter, without pay-in-slip duly signed by the customer and acknowledged with stamp by the teller. In absence of any of these, the customer cannot prove that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cash was actually deposited by him/her and bank has all the powers to freeze the account for any debit until this wrong entry of credit is recovered. Banks also block the amount which gets credited out of any error. Reply By Banker India: The Reply: I had informed the branch manager not on the same day as he was on leave for a month. I informed him about a week later on phone, when recovery seemed tough (now it seems impossible). But, all the other staff in the branch knew it from day one. Actually cash was withdrawn, but it was posted in the system as cash deposit and erroneously passed by the officer also. Hold was created on the same day. We even did a partial recovery of 70,000 by debiting the account. Rs. 55,000 is still pending. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... This cash shortage of ₹55,000 was paid by me on the same day. Due to having different accounts in three more different banks, he stopped using the account in our bank. The customer is threatening why I did partial withdrawal. What options do I have now to recover the money? Reply By Deepak Bubna: The Reply: You may take up the matter, with the help of branch manager, with other banks. What happened by you was out of oversight but the customer acting up and instead of realizing the mistake, threatening the bank officials will only go against him since he does not have any proof that he deposited this amount in his account. Some officials from RBI can be of help too. You made up for the shortfall on the same day and brought this ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tter in knowledge of other officials, so you are clean. Bank may take some internal disciplinary action against you, subject to branch manager's discretion. You may also think about raising a police complaint against this customer taking help of branch officials since this is not something that happened between you and the customer in personal capacity . It happened while you are discharging official duty on behalf of the bank and branch officials should come forward in your support, in my opinion. Once that happens, customer will fall in line I am sure Reply By Banker India: The Reply: Sir Yes, the bank will first go for investigation against me. Now, after three months, are we in a position to go for FIR as we are ourselves under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... suspicion? Why have we not reported officially earlier. In one account in which he made UPI withdrawals (₹25,000) using this erroneous money, he is second holder in that account. Can we request for hold in that account as he is not first holder but second holder? How much hold should we request from that bank? How much hold amount should we request from other two banks? There seems one more problem: the branch manager is not willing to send email/letter to other bank, so other bank will not create a hold at all. Only option I feel is self report it to circle office, then bank will do enquiry against me and the branch will lodge FIR and the branch will request hold on the other bank accounts. Reply By KASTURI SETHI: The Reply: If ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this is the situation, have you tried to solve the matter amicably through the introducer ? Reply By Banker India: The Reply: Regarding introduction: it's not mandatory now for easy account opening norms. Trying to solve the matter by talking politely: We've tried talking to him multiple times. He says "I'll give money but right now I don't have money". I had also talked with one bank, they said they won't do anything without a court order or police report. It's bad that our banking system has become so much complex (that no one wants to risk their job) and the fraudster is roaming freely and we can't do anything. Reply By KASTURI SETHI: The Reply: Dear Querist, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The degree of gravity of an offence does not get reduced with the passage of time but you lack in documentary evidence against the defaulter.. In the absence of documentary evidence against the defaulter, only persuasive method is left for solution.. Reply By Banker India: The Reply: Documentary Evidence: The account statement clearly shows all the transactions: Cash Deposit entry was reversed and the customer made cash withdrawals and UPI withdrawals. We have CCTV Recording that he came himself for withdrawal, took cash and went. I've two audio recordings with the customer where we are discu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssing about the money and he said that, "I'll give back the money, but give me a few days." There's no documentary evidence other than that. What other documentary evidence should I have/collect? Thanks Reply By KASTURI SETHI: The Reply: These documentary evidences are sufficient but before going ahead you must have answers to the expected/possible questions to be asked from you for further investigation by the Bank Authorities and Police Authorities. The Bank Manager was on leave for one month. Why have not you informed about the incident to the Officiating Bank Manager on the same day ? Himalayan blunder on your part. Have you any answer ? You consumed one week. Such like so many questions will arise before both investigati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng agencies. Reply By KASTURI SETHI: The Reply: In case investigation is initiated, the charge of negligence of duty cannot be ruled out. It will open Pandora's box. So be careful and enjoy job peacefully. Reply By Banker India: The Reply: Officiating branch manager knows it from the day one. But the actual branch manager may deny that I informed a week later on phone. He may say that I got to know only on joining 3 weeks later. There's no written comunication to the circle office. The biggest lapse has been that I covered the shortfall (I deposited the money). Instead I should have used the bank's money after getting permission. But, all things have happened now. The b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iggest reason of delay in filing FIR has been that law and order is quite slow and tedious and one just avoids the hassles of it. Yes, there will be lot of charges against me by the bank: negligence of duty, not following the guidelines of reporting and reputation risk. So, do you suggest that I should write off this in my mind and continue my job safely. But, there's one more trouble: minimum balance charges are piling up every month, and whenever (within an year or two) this account will be reviewed for closure, all these transactions will anyhow show up: money lost and internal investigation will be still there. But, now if we go for self-reporting now: pandora box and chances of recovery of money and possible court case by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... customer after lodging of FIR by us. What should I do? What would be better considering all these things: to initiate recovery by reporting or forget it? Reply By KASTURI SETHI: The Reply: Verbal information has no legal validity. You have no other option but to disclose all the facts in writing to the present Branch Manager. You have suffered a loss and the Bank has not suffered any loss. Regarding negligence of duty on your part the Bank/Head office may take lenient view, especially keeping in view no loss caused to the bank by you. Disclaimer : These are my personal views for academic purpose only and not meant for legal proceedings in any court of law. Reply By Banker Indi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a: The Reply: There's one detail that I would like to provide is that the account was a current account. We went to the customer's home on the same day and requested to give a cheque of Rs. 70,000 so that we can debit the account. To convince him, my colleague told him that we can't debit a current account by a withdrawal slip as a customer cannot refuse a cheque payment, but can deny a withdrawal slip. "So, Sir, Please give us a cheque." Absorbing this information, the customer totally refused to give a cheque and was getting unnecessarily angry at us citing the reason that his cheque book is safely kept somewhere far and he has to deliver goods tonight itself. He said if he goes to bring the cheque he would incur a loss. He ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... said to debit the account verbally to which we refused, so, we gave him a withdrawal slip. Now, he is claiming that no withdrawal slip was signed. He threatens us that all is okay but if we demand money, he will come with advocate/CA. He tells us that he has good relations with a lot of banks. Is it true that as per banking manual, withdrawal slip is not valid for a current account? Second thing is already happening with us that he is refusing if any withdrawal slip was signed. Should I risk my job (as the bank will say that the customer is always right) to teach this person a lesson or forget the money and avoid a legal battle with this type of wilful defaulter? Reply By KASTURI SETHI: The Reply: Q. Is it true that as pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r banking manual, withdrawal slip is not valid for a current account? Reply : Yes. Withdrawal slip is not valid for a current account. Current account is opened for business purpose and all the transactions are done through in order to have documentary proof of transactions with dealers or any other person. Reply By KASTURI SETHI: The Reply: Q. Should I risk my job (as the bank will say that the customer is always right) to teach this person a lesson or forget the money and avoid a legal battle with this type of wilful defaulter ? Reply : This is pre-mature and illogical to say a customer is always right. Who is right and who is in the wrong-- It is jurisdiction of the court. Regarding facing legal battle, it is your decision. Have yo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... u moral courage to face adverse situation ? What is your adversity I.Q. ? I do not know. You are to see whether you are capable of facing adverse situation or not. What is crucial in this situation is that , "DO NOT DEPEND ON OTHERS".
Loss is also part of business (life). X X X X Extracts X X X X X X X X Extracts X X X X
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