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Three officials of leading private banks were arrested for their alleged involvement in a Rs 2,500-crore cyber fraud racket in Gujarat's Rajkot district, bringing the number of those held so far in the case to 20, police said on Monday. Those arrested were identified as Maulik Kamani, a personal manager at Yes Bank in Padadhari; Kalpesh Dangariya, a manager at Axis Bank in Jamnagar; and Anurag Baldha, a personal banker with HDFC Bank, Rajkot (Rural) Superintendent of Police Vijay Gurjar said. Dangariya and Baldha were previously employed with Yes Bank, he added. Kamani allegedly assisted the earlier arrested accused in opening and managing suspicious accounts. He also helped bypass banking alerts triggered by high-value transactions by submitting additional documentation to keep accounts active, the SP said. Kamani was allegedly involved in cash withdrawals that were later routed through hawala channels (illegal money transfer system), supported by digital evidence recovered from h
A consumer commission in Maharashtra's Nagpur has pulled up Axis Bank for "deficiency in service", directing it to provide a refund and pay Rs 10,000 as compensation to a customer who lost Rs 5,000 in a failed ATM transaction eight years ago. The District Consumer Disputes Redressal Commission (Additional DCF), Nagpur, termed the non-receipt of cash after the amount got debited from the customer's bank account at an ATM as "a serious matter". It is the bank's responsibility to examine such transactions and to give immediate relief to the customer, the commission asserted. In a verdict delivered last month, the commission found that the bank didn't take the complainant's grievance "seriously" and failed to provide a fair hearing through the ombudsman process. The failed transaction dated back to August 19, 2018, when the complainant, a resident of Nagpur, claimed he attempted to withdraw Rs 5,000 from an Axis Bank ATM. Though the machine failed to dispense any cash, the amount was