Adrain Jaraine 11 February 2017

Bank system bug credits money

Hi, I started using my account for international transactions on November 2016 on a daily basis for trading. These transactions have a fee. After a few weeks i see my account with no notification is being debited with amounts ranging from 100~1000 and also being credit with the same amounts. I thought it was from the company in Prague which i make payments to. These debits and credits were happening frequently so i changed my bank without closing that account. Then starting on december 31st i received a credit of 23000 and 25000 with an id of rev_vin moneypolo (site which i use). and i thought that they have reversed whatever fees/ money as rev_vin means reversal of money. So i transfered the money and spent it. Then again on Feb 2nd around 29 credits of different amounts with a total of 11.5 lakhs was credited with an id of rev_vin and i again thought it was a reversal so i transfered the money to my other account because i was scared that it will be deducted as i did not maintain my balance anymore and also i dont use that bank account anymore. And i spent 80% of the money in paying of my debt in bitcoins which i took from a friend. Now after a week, the bank calls me saying that the money credit was due to a system error and a lot of other accounts faced the same issues. They put a lien amount on my account and are asking to pay back immediately. Now i am troubled as i only have 2 lakhs left and i had no idea it was the banks system bug. Please help me. I need professional advice.

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4 Replies

G.L.N. Prasad (Retired employee.) 11 February 2017

Before exercising lien, there should be a notice from the Bank. Unless they serve notice specifically stating such entries, they are not supposed to exercise any lien. At the same time, they can debit your account for wrong credits made if any. Remember, if it is not your money, and if you have used it knowingly it is a crime, whether i is a crime or not, you have to refund that money which is not yours.

Check your entries and contact any advocate who has experience in Bank accounts with technical knowledge. (Those auditors who attend to Bank audit)

Adrain Jaraine 11 February 2017

Yes i know it is a crime to spend someone else money knowingly but i really did not know so because as per statement (REV_VIN_Mayzus) for past three months, I thought it to be from my trading accounts.

Kumar Doab (FIN) 11 February 2017

If the statements show and establish that it was your money then contest the claim of the bank and get the lien vacated.

If you have NO evidence to establish then you may heve to return it.

Adrain Jaraine 13 February 2017

Oh sorry. It is an overdraft not lien, because they debited my account and now have negative balance in lakhs. I stopped using this account since december.