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[Resolved]  ICICI Bank — Fraudulent Transactions

Complaint by Pronoy Chakraborty

Fraudulent Transactions - The most hopeless case of cheating, I, the undersigned, Pronoy Chakraborty am holding a Salary Account No. (last four digits) 4750 with ICICI Bank, Jodhpur Gam Branch, Ahmedabad. There were two fraudulent transaction carried out on 28 July 2009, amounting to Rs. 50,000/- (Rupees Fifty Thousand only) and Rs. 18,000/- (Rupees Eighteen Thousand only) at around 12.00 pm to 12.30 pm but I was notified of the same at 5.35 pm which is after 5 hours and that too by icici bank, Mumbai office and not by the Jodhpur Gam Br. Office.
In this case I was notified after 5 hours about the fraudulent transactions, while in past, in normal circumstance I used to receive a phone call from the bank for transactions of Rs. 5,000/- and above stating whether the same were approved by me or not. Why was this transaction not given the same importance as they both were of a large amount. Further, the call came from your Mumbai office and not from the branch where I have an account i.e. Jodhpur Gam Branch.

Moreover, when I went to the said branch they first of all did not still know of any of these transactions but after verifying they had given me the names, address, account number and even one phone number. The same is as below:

1. Arshadkhan V M/96, Fatima Apartment, Flat-201, Abul Fazal Enclave, Okhla, Delhi. (M) [protected] who had taken Rs. 50,000/-
2. Mohamad Zabib V 208-A/ III Cross, Vidhyanagar, Mandya, Karnataka. Who has taken Rs. 18,000/-.

Both these transactions have taken place from Mumbai, whereas one person is from Delhi and other from Karnataka. But, what has come to the notice that both these crimes were committed by one person having two different accounts in dummy names. Whereas it is clearly stated by R.B.I. that the below rules should be followed by the banks for any accounts to be opened:

In 2004, the RBI had come up with more specific guidelines regarding KYC. These were divided into four parts:

1. Customer Acceptance Policy: All banks shall develop criteria for accepting any person as their customer to restrict any anonymous accounts and ensure documentation mentioned in KYC.
2. Customer Identification Procedures: Customer to be identified not only while opening the account, but also at the time when the bank has a doubt about his transactions.
3. Monitoring of Transactions: KYC can be effective by regular monitoring of transactions. Identifying an abnormal or unusual transaction and keeping a watch on higher risk group of the account is essential in monitoring transactions.
4. Risk management: This is about managing internal work to reduce the risk of any unwanted activity. Managing responsibilities, duties and various audits plus regular employee training for KYC procedures.

These guidelines also specify that KYC should be implemented for existing account holders on the basis of materiality and risk segments.

Customer identification
Custom er identification means identifying the customer and verifying his/her/its identity by using reliable, independent source documents, data or information.
Customer Identification is carried out at different stages i.e., while establishing a banking relationship, carrying out a financial transaction or when the branch has a doubt about the authenticity/veracity or the adequacy of the previously obtained customer identification data.
For opening an account, normally, the customer should come to the Bank in person. An account shall not, normally, be opened without a meeting between the bank official and the customer.
Branches need to obtain sufficient information to their satisfaction, to establish the identity of each new customer, whether regular or occasional and the purpose of the intended nature of banking relationship.
The process of enquiry/verification of the documents shall be a thorough one by having a dialogue with the prospective depositor, introducer, borrower and guarantor and confirmation through other channels, if necessary. Wherever it is necessary, a discreet verification shall also be made about the credentials of the parties, their business potential etc.
The process of verifying a customer's identity and his/her credentials is not a faultfinding exercise but to create a better customer relationship that may safeguard the mutual interests of the Bank as well as the customer.

Identificati on Documents to be submitted by customers for opening of accounts
Branches shall ask for documents to verify
a. the identity of the customer, his/her address, location and his/her recent photograph.
b. For accounts of Individuals under Low Risk Category, the following documents are accepted:
a. Passport alone where the address on the passport is the same as the address on the account opening form (OR)
b. Any one document (latest/recent) from each of the lists given below, for a photo identity and a proof of residence/address

Towa rds Name proof Photo Identification Towards address proof
Passport where the address differs 1. Telephone Bill
Voters Identity Card 2. Bank account statement
PAN Card 3. Income/Wealth tax assessment order
Driving Licence 4. Credit Card Statement
Govt. /Defence ID card * 5. Electricity Bill
ID cards of reputed employers * 6. Ration Card
Letter from a recognised public authority or public servant
verifying the identity and residence of the customer*
Letter from employer*
* Subject to the satisfaction of the officer authorising the opening of the account

Note: Original should be produced for verification and copy, duly attested by the verifying official, shall be kept along with the account opening form.

If the bank follows the guidelines of RBI then the culprit would have been booked by now but till date i.e. even after one & half months I have not yet received any confirmation about my lost amount which to an ordinary layman is a very big amount.

Also, as stated by the Cluster Manager of ICICI Bank, Jodhpur Gam Br. Ahmedabad, Mr. Rajesh Gadhvi, that these kinds of frauds are common and this goes on regularly, if this is common what about the security of the customers.

Therefore, I request you to look in this matter with utmost urgency and kindly book the culprit for the frauds committed and get to arrange refund of my loss at the earliest.


Pronoy Chakraborty
Complaint marked as Resolved Aug 14, 2020
Complaint comments  3 CommentsShareTweet


This is exactly what has happened with me on[protected]. There were 7 fraudulent transaction carried out on[protected], amounting to Rs. 100, 000/-, 2 Rs. 3, 500/- transactions and 4 Rs. 1, 111/-transactions. The first Transaction was by somebody called Abdul/NSP, the next 2 by INDIAIDEAS.COM LTD/Vodafone and the last 4 by INDIAIDEAS.COM LTD/IDEACELLULAR. So far I have only received on e email from my Greater Kailash (New Delhi) branch manager saying that I should agree for a 40% sum as a good will gesture from bank and absolve them from any wrong doings. Offcourse I have refused that. I am an NRI and I came to after the event has happened. Since then I have made numerous phone calls & send emails but they do not seems to bother anymore. At least as you are there you can go and meet somebody but for guys like us we are stuck as we are away and ICICI knows that we can't do anything with this.
Dear Sabyasachi,

We're sorry to hear about your experience. Please write to us with your contact details and account number at [protected] We'll contact you and work to address your issue.

ICICI Customer Service Team.

This is regarding the complaint number[protected] which was reported on 30th April 2015 and is for the fraudulent transactions activity on my salary account.

As per the communication with Customer care executive, this fraud took place in Wolverhampton with debit card swipe, however, my debit card is with me and I never shared any card details with anybody. Below are the transaction details:

Debit card: [protected]
Transaction 1 (on 30th April):
MPS/SCHUH 195 /[protected]/0, Amount: 7, 237.48

Transaction 2 (on 30th April):
MPS/PRIMARK /[protected]/0, Amount: 11, 057.26

Transaction 3 (Surcharge on above transaction on 9th May):
Dt:30/04/15 PRIMARK, Amount: 199.17

Out of these transactions, Transaction 1 (Amount Rs. 7, 237.48) was credited back on 18th May 2015 but I have still not received the other transaction amount along with the surcharge. There is no way that one transaction is fraudulent and other one is not. SLA to resolve this complaint was 45 days which is already over and worst part is that there is no proper communication between Customer care/bank executives and Technical team that is investigating the issue and they don't share any contact details of anybody from technical team who can give me proper information, so all I get from there is that investigation is in progress.

There are so many such cases in my organization recently. People are losing their hard earned money in fraction of seconds which is not at all a good sign and is a question on security of our bank accounts.

Please resolve this issue ASAP as I have been following up for the same since long and there is no fruitful result.

Rakhi Dharmani
Contact: [protected]

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