Funds transfer


1. Savings Joint Account -either or survivor -A and B are party to joint  account and both have the same Customer Identification Number and also called Primary Account
2. Party B opened another savings account individually and somewhere  checked unknowingly to be linked to the Primary Account while filling up a account opening form. Hence this individual account is linked to the Joint Account which is Primary Account and now both the accounts has same Customer Identification Number.
Now as both accounts are linked to the same Customer Identification Number the amounts in both the accounts are totaled and shown as the final amount available for withdrawal when accessed online. For example the Joint Account has INR 10000 and Individual Account has INR 5000 the total will be INR 150000 available for the all the Users that is Joint Account holders and Individual Account Holders.

3. Party B has a fixed deposit of INR10 lakhs created from the funds in the Joint Account for a period of 7 years. on the name of Party B
4. Now the fixed deposit was extended after 7 years for another 5 years by Party B
5. But due to some reasons Party B broke the fixed deposit and either by submitter in written or confirming verbally Party B made sure that the Fixed Deposit INR 10 Lakhs to be credited to the individual Account  which is linked to the Joint Account as mentioned in point number 2.
6. When Party A checked the account online and found that the fixed deposit which is created based on the funds from joint account is broken and is credited to individual account by Party B, Party A transferred INR 5 lakhs(max limit) to another bank account of Party A.
7. Now Party B filed a police complaint  with Cyber Crime and a notice is served by the police under Cr. No 275/2017, U/s 66(C)(D) of ITA Act & 420 IPC.
8. I have checked the Bank Terms and Conditions and also the savings account form  which states that if the Party B links the individual account to the Primary Account which in this case is the Joint Account , both accounts that is the Primary Account and the Individual Account will have the same Customer Identification number. 
Hence the User of the Individual Account or the User/s of the Primary Account can do the transaction or transactions online.

My question is as the Individual Account holder filed a complaint with the police under the sections mentioned above please suggest what is going to happen.

 
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Advocate

It is the banker's prerogative to clarify about the legitimacy of the transactionas to how the individual account got clubbed with joint account.Consult lawyer.

 
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