Criminal Trident Pack: IPC, CrPC and IEA by Sr. Adv. G.S Shukla and Adv. Raghav Arora
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RajanaVenu (None)     22 February 2011

Bank/ LOA


I have given an LOA to someone in India , who mis utilized to transfer money by a request letter from one a/c to another a/c.

Contents of Letter wrote to Bank:
-------------------------------------------------------------------->
To
Bank ABC, City, State.

     Sub: transfer of funds.

     I, "MY NAME" not having check book with me and my A/C no : 12345.
     so please transfer 1Lakh ( One Lakh) to Mr. XYZ A/C no : 34556.

               Thank you.
                                                  Signature of LOA
                                                  (LOA Holder)
     Kinds Regards,
     Signature of LOA
     ( Name of LOA)
    
------------------------------------------------------------------------>

Can bank take this letter and make this transaction process, as they did, How would I proceed to contemplate against the bank,as the LOA claimed in writing to Bank that I requested him to do this, though with his willfull acts he did this to safeguard himself.



Learning

 11 Replies

T.KRISHNARAO (MANAGING PARTNER)     22 February 2011

mr venu raj

As per banking rules any withdrawals from the account is through the cheque only either cheque book given to a/c holder or a/c holder with out cheque book . cheque leaves will be provided by the bank at the of withdrawals .

the letter may be just information letter even that is not required if there no cheque with you bank will provide the same for withdrawl .

as misuse is taken place you can file suit on the bank for recovery in consumer forum .

on the merits of your case justice will be done .

regards .

T.KRISHNARAO 

 

 

 

 

 

RajanaVenu (None)     23 February 2011

Mr.Krishna Rao,

Bank transferred the money using a request letter as above.  As you said Bank Could provide a check leaf for withdrawal in branch for cash, here the money was not withdrawn , transferred from my account to one account to another account with the help of bank employee. 90 days after this transaction was caught , bank and loa combinedly colluded and sent a letter to me saying that I requested the transfer and the transaction was done as per my consent.

 

Venu.

Asha Pole (Legal)     24 February 2011

Mr. rao, normally such letters are used for business transaction wherein a party tranfers the money from one account to another via letter instead of cheque or in the rarest case even in saving account some of the bank do accept letter application for the convenience of the customer...

as suggested above you will have to approach the consumer court, but a small question, was there any date mentioned on this letter. 

robin george (Lawyer)     24 February 2011

Mr. Venu,

What you have mentioned is a electronic transfer and the same cannot be done without the account holder (whichever account) is present personnaly at the bank and makes the transfer. LOA cannot be considered by the bank as a valid document for such a transfer. The account holder must personally be present in the bank or in case of urgency, personlly notify the bank for the transfer without his presence in the bank. The bank must take utmost care for checking the validity of the transfer

You can go to the consumer forum for your grievences.  

RajanaVenu (None)     24 February 2011

 

I attached the letter, this bank was already aware of the fraud and sent a legal notice to close

the account now. Banking Obmudsman rejected this claim as genuine, when LOA holder submitted a letter to bank and transfer happened with the A/C holder Consent, which is untrue. There were several frauds done by this branch employees on my account colluding with LOA/ Builder as I am resident abroad.

RajanaVenu (None)     24 February 2011

Attached the complaint to Banking Ombudsman, who willfully and wishfully rejected few months ago.

RajanaVenu (None)     11 March 2011

Any takers after looking at.

T.KRISHNARAO (MANAGING PARTNER)     11 March 2011

Mr Venurajan 

You have stated that you are a non resident . some body with the banks consent have misused the your fund ..

You are suspecting some body why you are delaying to file a suit civil and criminal for misapprropriation b fiing an FIR in the nearest police station  when ever you are back  or through your nominated person .

To start with at least they have feel the heat of your losses . further such loses could not occur .

regards. 

T.KRISHNA RAO 

 

 

 

RajanaVenu (None)     13 March 2011

I am doing that soon, is there a Time limit on such filing for FIR wr.t to banks

T.KRISHNARAO (MANAGING PARTNER)     13 March 2011

For filing criminal complaint it is to be immidiatly .

For filing civil action the time limit is 3 years .but you have take steps soon as the amount involved is more .

For any further steps please consult your advocate locally where the fraud have occured .

He will guide you suitably for further steps .

You have to act as per his guidelines on the strength of avaliable recortds with you .

regards.

T.KRISHNA RAO  

 

Sai Raj   23 December 2020

Greetings sir!

Can I give loa for my closed bank account for getting soft copy of my statement for my employer?


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