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Author Topic: Urgent Help : Stopping funds due to doubt of fraud transation  (Read 1550 times)

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Offline svidya

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Urgent Help : Stopping funds due to doubt of fraud transation
« on: October 20, 2014, 12:05:01 PM »
Hello, I am Bank manager, I had recent experience that one account had sudden deposit with 38 lacs. As per my people I checked with his KYC norms which I found invalid, so I asked customer to give valid KYC documents to get the complete withdrawal. In between, depository bank called and asked not to allow withdrawal of money to the customer as he is fraud according to them(paying party).

So while submitting the KYC documents I (kind of) stopped the payment. But now the paying party had given police complaint, and asked (my bank) customer to transfer his money back which he agreed. And, also as he does not have valid KYC documents, agreed to close the account from bank.

My concern here that, is there any way customer can claim against me for damage of his business due to stop payment. Yeah, I forgot to add above that when he was asked to submit KYC documents, he issued a notice against us that Bank cannot stop payment due to invalid KYC norms.
Can you please help me?

Offline advgaurav.sharma

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Re: Urgent Help : Stopping funds due to doubt of fraud transation
« Reply #1 on: December 03, 2014, 01:16:07 AM »
you cannot be liable for any act done in your professional capacity, yes the client is at liberty to sue the bank for his loss.

If there is a litigation it will be between your bank v/s Client
Advocate Gaurav is a specialist in Trademark laws


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