{"id":57821,"date":"2019-10-17T14:15:11","date_gmt":"2019-10-17T08:45:11","guid":{"rendered":"https:\/\/www.legalindia.com\/news\/?p=57821"},"modified":"2019-10-17T14:15:11","modified_gmt":"2019-10-17T08:45:11","slug":"banks-cannot-recover-from-customers-the-amount-lost-by-them-through-online-fraud-kerala-hc","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/news\/banks-cannot-recover-from-customers-the-amount-lost-by-them-through-online-fraud-kerala-hc","title":{"rendered":"Banks Cannot Recover From Customers The Amount Lost By Them Through Online Fraud : Kerala HC"},"content":{"rendered":"<p><a href=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2019\/10\/Online-Fraud.jpg?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-attachment-id=\"57823\" data-permalink=\"https:\/\/www.legalindia.com\/news\/banks-cannot-recover-from-customers-the-amount-lost-by-them-through-online-fraud-kerala-hc\/online-fraud\" data-orig-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2019\/10\/Online-Fraud.jpg?fit=300%2C168&amp;ssl=1\" data-orig-size=\"300,168\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Online Fraud\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2019\/10\/Online-Fraud.jpg?fit=300%2C168&amp;ssl=1\" class=\"alignleft size-full wp-image-57823\" src=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2019\/10\/Online-Fraud.jpg?resize=300%2C168&#038;ssl=1\" alt=\"\" width=\"300\" height=\"168\" srcset=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2019\/10\/Online-Fraud.jpg?w=300&amp;ssl=1 300w, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2019\/10\/Online-Fraud.jpg?resize=150%2C84&amp;ssl=1 150w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>Exercising their authority as per SARFAESI Act, banks cannot recover amount lost due to online fraud from customers. Instead they would need to take the matter to the civil court to get their dues back from the persons responsible, the court said.<\/p>\n<p>In accordance with SARFAESI Act, a bank does not need to approach a court or tribunal for enforcing any security interest established in its favour. Previous to this, banks were allowed to assert their rights only via adjudication.<\/p>\n<p>Justice A Muhamed Mustaque after referring to earlier two rulings by the SC and a decision given by the high court that banks are held responsible for unauthorized withdrawals in the judgement said, &#8220;Thus, it is clear that the bank cannot claim any amount from the customer when a transaction is shown to be a &#8216;disputed transaction&#8217; And such a claim can be made from the customer only when the bank can prove unequivocally independent of the civil court that the customer had been responsible for such a transaction.<\/p>\n<p>The HC deliberated on two customer pleas that sought a declaration that customers have zero liability in respect of the fraudulent transactions in their bank account. Senior advocate who represented the two customers said that the customers had bank overdraft facility and found that the money went missing from their bank account.<\/p>\n<p>The fraudulent transaction was given shape by the miscreants as they could get duplicate SIM cards issued of the petitioners. Also the matter was reported to the bank within 3 working days.<\/p>\n<p>And in the judgment, the court clearly pointed out that matter can no longer be included within the ambit of SARFAESI Act if it comprises allegations of fraud. However, if the loss is on account of customer&#8217;s negligence, he or she would have to bear the entire loss, the court said. To what extent the customer can be made responsible for such negligence is a matter of probe and adjudication through a civil suit, the court added.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Exercising their authority as per SARFAESI Act, banks cannot recover amount lost due to online fraud from customers. Instead they would need to take the matter to the civil court to get their dues back from the persons responsible, the court said. In accordance with SARFAESI Act, a bank does not need to approach a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":57823,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[85],"tags":[45615],"class_list":["post-57821","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-law-news","tag-online-fraud"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Banks Cannot Recover From Customers The Amount Lost By Them Through Online Fraud : Kerala HC - Legal News India - Supreme Court &amp; High Court Updates<\/title>\n<meta name=\"description\" content=\"Exercising their authority as per SARFAESI Act, banks cannot recover amount lost due to online fraud from customers. 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The apex court observed this while terming as \"wholly incorrect\" the conclusion arrived at by Jammu and\u2026","rel":"","context":"In &quot;Top Law News&quot;","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"J&K has no vestige of sovereignty outside Constitution: SC","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2016\/08\/order.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":45438,"url":"https:\/\/www.legalindia.com\/news\/assocham-says-warned-likelihood-bank-card-fraud","url_meta":{"origin":57821,"position":1},"title":"Assocham says it warned on likelihood of bank card fraud.","author":"Legal India Admin","date":"October 24, 2016","format":false,"excerpt":"Following the unprecedented security breach reported earlier this week that has \"compromised\" card data of many private and state-run banks, industry body Assocham on Sunday said it had earlier cautioned about such frauds. Citing its recent study, the Associated Chambers of Commerce and Industry of India (Assocham) said that \"India\u2026","rel":"","context":"In &quot;Consumer Law News&quot;","block_context":{"text":"Consumer Law News","link":"https:\/\/www.legalindia.com\/news\/category\/consumer-law-news"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2016\/10\/Credit-Card-Fraud.jpg?fit=750%2C604&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2016\/10\/Credit-Card-Fraud.jpg?fit=750%2C604&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2016\/10\/Credit-Card-Fraud.jpg?fit=750%2C604&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2016\/10\/Credit-Card-Fraud.jpg?fit=750%2C604&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":48606,"url":"https:\/\/www.legalindia.com\/news\/delhi-hc-stays-recovery-proceedings-real-estate-developer","url_meta":{"origin":57821,"position":2},"title":"Delhi HC stays recovery proceedings against real estate developer","author":"Legal India Admin","date":"June 12, 2017","format":false,"excerpt":"The Delhi High Court has stayed the recovery proceedings against a real estate developer over alleged failure to repay a loan amount of over Rs three crore to a company which had lent the money. Justice Jayant Nath also appointed a retired district and sessions judge as an arbitrator to\u2026","rel":"","context":"In &quot;High Profile Cases&quot;","block_context":{"text":"High Profile Cases","link":"https:\/\/www.legalindia.com\/news\/category\/high-profile-cases"},"img":{"alt_text":"Delhi HC stays recovery proceedings against real estate developer","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2017\/03\/delhi-high-court.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":59372,"url":"https:\/\/www.legalindia.com\/news\/vijay-mallya-disappointed-but-will-continue-legal-fight-against-extradition","url_meta":{"origin":57821,"position":3},"title":"Vijay Mallya disappointed but will continue legal fight against extradition.","author":"Legal India Admin","date":"April 21, 2020","format":false,"excerpt":"Embattled liquor baron Vijay Mallya, who lost his UK High Court appeal against an extradition order to India, has said that he is \"disappointed\" with the ruling but will continue to seek legal remedies as advised by his legal team. The 64-year-old former Kingfisher Airlines boss reiterated that he has\u2026","rel":"","context":"In &quot;Top Law News&quot;","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2019\/03\/vijay-mallaya.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":52194,"url":"https:\/\/www.legalindia.com\/news\/rbi-not-proper-auditing-cvc-pnb-fraud","url_meta":{"origin":57821,"position":4},"title":"RBI did not do proper auditing: CVC on PNB fraud","author":"Legal India Admin","date":"April 4, 2018","format":false,"excerpt":"Central Vigilance Commissioner K V Chowdary today said the Reserve Bank of India (RBI) had apparently not conducted an audit during the period of time when a Rs 13,000-crore scam hit the Punjab National Bank. Chowdary stressed the need to put into place a more robust auditing system. \"They did\u2026","rel":"","context":"In &quot;Top Law News&quot;","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/04\/pnb.jpg?fit=970%2C545&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/04\/pnb.jpg?fit=970%2C545&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/04\/pnb.jpg?fit=970%2C545&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/04\/pnb.jpg?fit=970%2C545&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":59225,"url":"https:\/\/www.legalindia.com\/news\/vijay-mallya-gets-bankruptcy-reprieve-from-uk-high-court","url_meta":{"origin":57821,"position":5},"title":"Vijay Mallya gets bankruptcy reprieve from UK High Court.","author":"Legal India Admin","date":"April 10, 2020","format":false,"excerpt":"\u00a0In a relief to liquor baron Vijay Mallya, the High Court in London has deferred hearings on a plea by the SBI-led consortium of Indian banks, seeking the indebted tycoon to be declared bankrupt to enable them recover a loan of around 1.145 billion pounds from him. 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