Man loses Rs 1.39 lakh in cyber fraud, banks to pay Rs 1.74 lakh over ‘delayed’ action
A man in Kangra has lost Rs 1.39 lakh in a cyber fraud case, with banks ordered to pay a total of Rs 1.74 lakh for their alleged failure to act promptly. The Kangra District Consumer Commission found both a public sector bank and a private bank responsible for the losses, citing delays in freezing the fraudster's account and deficiencies in KYC verification.
The commission held that the banks did not freeze the fraudster's account quickly enough and that the private bank failed to produce essential documents. The victim, who reported the fraudulent transactions within 24 hours, will receive Rs 1.39 lakh in unrecovered funds from both banks. The commission also ordered the banks to pay Rs 25,000 in compensation and Rs 10,000 in litigation costs.
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