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Common Man (Occupation)     31 August 2016

Fixed deposit fraud

Respected Lawyers,

A' got a few fixed deposits which were preclosed by his sons when 'A' was hospitalised in a semi conscious state by taking thumb impressions. Can 'A's daughter file a case in this with regards to her share and fraud committed by 'A's sons?

Thanks in Advance.

Regards

Shiva



Learning

 29 Replies

SIVARAMAPRASAD KAPPAGANTU (Retired Manager)     31 August 2016

1. Whether A is alive now. If so only A can take action. 2. Whether A is literate or illiterate. 3. If literate and when he deposited the amount he signed the deposit application, ban is not in order in closing deposit with request to close with thumb impression. 4. If A opened account as illiterate with his thumb impression, without him being present in the bank, closing the account is not correct and highly irregular. 5. If the deposit is closed for the purpose of medical expenses of A and account closed with the certificate and witness of thumb impression of by attending Doctor Bank may get into clear. Then Sons have to account for the money and balance left if any required to be dealt with as estate of the deceased along with other assets.

SIVARAMAPRASAD KAPPAGANTU (Retired Manager)     31 August 2016

1. Whether A is alive now. If so only A can take action. 2. Whether A is literate or illiterate. 3. If literate and when he deposited the amount he signed the deposit application, ban is not in order in closing deposit with request to close with thumb impression. 4. If A opened account as illiterate with his thumb impression, without him being present in the bank, closing the account is not correct and highly irregular. 5. If the deposit is closed for the purpose of medical expenses of A and account closed with the certificate and witness of thumb impression of by attending Doctor Bank may get into clear. Then Sons have to account for the money and balance left if any required to be dealt with as estate of the deceased along with other assets.

P. Venu (Advocate)     31 August 2016

Yes, she can. But the best person to lodge the complaint/FIR is A himself. 

G.L.N. Prasad (Retired employee.)     31 August 2016

First task is finding out whether it is a joint account or nominated account, and then filing complaint before Bank and Police station, after getting certified copies of his medical certificates.

G.L.N. Prasad (Retired employee.)     31 August 2016

There are several things to be considered.  How the hospital charges were met is the first issue ?

First file RTI Application to Bank with legal heir certificate and get certified copies of discharged fixed deposit receipts.

Kumar Doab (FIN)     31 August 2016

The conditions in which bank can agree to pay by thumb impression of incapacitated account holder are to be determined and its procedure.

If A is alive he can ask for how the money withdrawn is accounted for!

If Ais not alive his daughter can ask for share in amount (withdrawn-amount spent on treatment).

 

 

1 Like

Common Man (Occupation)     31 August 2016

Respected Lawyers,

 

Thank you for your valuable suggestions. All the A's accounts are nominated to his grandson. Without any intimation to the nominee, the amount has been withdrawn when A was hospitalised. Since A is not anymore, how to proceed in getting a share to the nominee. Please ask if you need any more inputs from me. 

Thanks in Advance,

 

Regards,

Shiva

G.L.N. Prasad (Retired employee.)     31 August 2016

The nomination comes into force only after death of depositor.  A nominee can not step into the transaction during life time of depositor, and a depositor can change nomination at any time in other's name.  The physical condition of the depositor on the date, the procedure followed by the bank (Generally if a depositor signs in opening form, and withdrawal has to be accepted, the LTI must be attested by a known witness and Bank official personally visits the hospital and obtain such LTI right before him, and also takes other attestation as precaution).  There are several missing links such as before maturity or after maturity, what was stated in pre closure application, procedure followed, names of the attestor etc. Obtain a legal heir certificate and study the papers .

1 Like

G.L.N. Prasad (Retired employee.)     31 August 2016

Further study total medical expenses, dates of payment of such bills vis a vis deposit withdrawals, whether insurance claim was made etc.  This complicated issue can not be solved in open forum as study of all these documents a must before giving a valid opinion.  Consult a Professional Advocate with Banking background.  As already suggested obtain Legal heir certificate and seek entire such documents from Bank under RTI.

Kumar Doab (FIN)     31 August 2016

 

"Since A is not anymore, how to proceed in getting a share to the nominee. "

 

The nominee is mere trustee, a hand to recieve the proceeds and handover to the legal heirs.

Nomination does not prevail upon succession.

Succession is  as per personal law applicable to owner.

If, Nominee  is not a successor/legal heir, then nominee has NO share.

If Nomination was valid and registered and persists till date of death, then nominee can submit claim for payment to Bank.

Bank can discharge its rsponsibility by making the payment to nominee.....................until or unless there is stay by court of law.

 

 

1 Like

G.L.N. Prasad (Retired employee.)     31 August 2016

To be simple and direct reply "Go to Court, establish the fraud, and you can only get a share if you are his legal heir and not a penny even when you are nominated.  Nomination is only to receive in trust for other legal heirs and not confers entire ownership.

Kumar Doab (FIN)     31 August 2016

The other thread of querist may also be pursued;

 

https://www.lawyersclubindia.com/forum/details.asp?mod_id=141535&offset=2

b.goheel   31 August 2016

queriest do mention that account has nominee holder but seems to forget to mention the status of account - individual or joint holding and if it is joint holding thn operation terms - can be operated by either or survior or both etc.

GANDHI MOHAN BHARATI (Pensioner)     31 August 2016

The matter is complex and has been dealt by the experts beautifully. However, I feel as to why the daughter should suspect frauad when her father was critically ill and uncontious? It would be better for the son & daughter to sit together, in the presence of a mediator should they prefer so, and work out how much was withdrawn and how much was the medical bill etc.. 


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