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 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 ЎV M/96, Fatima Apartment, Flat-201, Abul Fazal Enclave, Okhla, Delhi. (M) 09818180363 who had taken Rs. 50, 000/-
2. Mohamad Zabib ЎV 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 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
„ «VoterЎ¦s 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.
Regards
P ronoy Chakraborty
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