[Resolved]  ICICI Bank — Online unauthorised and fraudulent fund transfer from my SB A/c

Address:

Gautam Buddha Nagar, Uttar Pradesh

21st February, 2011


Sub : Fraudulent and unauthorized online fund transactions from my Account with ICICI Bank

Sirs,

I am having a Saving Bank A/c No.[protected] with ICICI at their Sector-50, Noida branch for almost 4 years. On 5.10.2010 afternoon between 2 p.m. to 3 p.m. 4 fraudulent transactions totaling Rs.61500/- (60000 + 500 + 500 + 500) took place from my above mentioned account and consequently my account was debited by Rs.61500/-., about which I have already lodged a complaint around 4:30 p.m. on 5.10.2010 with ICICI Mumbai office Telephone No. [protected] as well as to their customer care service (call centre) No. [protected]. The Complaint number I have been provided by ICICI Mumbai office is SR[protected].

Before these fraudulent and unauthorized online transactions happened, I received calls from a man telling that he was calling from ICICI Bank to verify my details. I had no reason to disbelieve him as he gave me my exact accounts no., residence address and other details and I had been receiving SMSs from ICICI Bank regarding this verification during the day as well. Though I gave him my name and residence address, I never gave him any account related data (such as User ID, Passwords etc.). I fail to understand how an outsider could know my ID Code, login password, transaction password, ATM’s details etc. etc. until and unless some ICICI insider is involved with these online cyber criminals / racketeers. Later on when I checked my received calls record on my mobile the number from which I was being called was[protected].

ICICI executive called me only after the fraudulent transactions had happened. I only came to know about the transactions when an ICICI executive from Mumbai called me (through Phone No. [protected]) asking whether I did the transactions. I instantly told her that I did not do any online transactions for the last many weeks. Had she been alert or had she taken some immediate remedial action to arrange to block the account to which the money has been transferred, the money would have been safe as the gap between the transactions time and her intimation to me is very minimal (I guess within one hour). She instead gave me ICICI’s customer call centre no. [protected] with a Complaint No., as mentioned above, to be relieved from her responsibility without feeling any accountability towards a loyal client. I believe there is some mechanism in place with a bank of ICICI repute to stop such fraudulent transactions.

I also met ICICI’ bank officials at Sector-50 branch, Noida, where I was not given any satisfactory answer by anyone. I want to know whether ICICI Bank is doing something to get my money back? ICICI Bank can easily trace out the accounts to which these fund transfers have been made - as ICICI Bank have the records of those accounts.

As advised by ICICI Bank officials, I executed a Deed of Release (as prescribed and formated by ICICI Bank) on 27th December, 2010 and submitted the same to the ICICI Bank branch at Sector-50, Noida which they happily accepted. But, after 2-3 days of submission, I was told by ICICI Bank that they can not reverse the aforesaid amount without the help of the Police. If that was the case, why did they ask me to submit the Indemnity for reversal of the aforesaid amount? Why ICICI Bank officials have been making contradictory statements on and off.

ICICI Bank are now (after more than 4 months) saying that they have been able to recover only Rs.13053/- out of Rs.61500/- (that was fraudulently transferred from my account), and to have this Rs.13053/- credited to my account they are asking me to execute an Indemnity Bond as “full and final settlement of all claims, demands and relief”. This is not at all fair on the part of ICICI Bank.

With the alarming rate the online fraudulent fund transfers are happening now a days, it seems that ICICI online banking systems operation is not all that secure now and I am sure that not only me, many more clients of the ICICI Bank must have been suffering due to this. ICICI must do something to plug the loopholes in ICICI Bank online banking systems operation. One must not rule out the possibility of some ICICI Bank insiders (employee / retainer) who may well be a part of this cyber crime racket.


Lastly, I humbly state that I am a lower middle class man and a sum of more than Rs.60000/- which has been saved by me after toiling hard, is fortune for me. Therefore, I request that ICICI must recover Rs.61500/- that was fraudulently transferred / transacted to some other accounts on 5.10.2010 from the cyber criminals / racketeers. It is ICICI’s moral responsibility / accountability to look after the interests of their loyal and long lasting customers. I am positively hopeful that ICICI Bank will do its utmost to recover my money and credit my account at the earliest. Otherwise it will be difficult for them to maintain their credibility and image for long, which they have earned over a time of period in India, if such things keep on happening.

Thanking you,

Yours sincerely,

(Bhaskara Nand Joshi)