Help to Resolve SBI Banking Fraud

[Manojit Mishra]

Dear All

This happened to one my well known friend cum colleague.

Request everyone to spread this message about this SBI Banking Fraud and also gather any / all information which can help him to get his money back.

As he has already complained to Bank, Police etc and various investigations are ON and few legal actions are under process, he does not wish to get his name published.

 

Best Regards

Manojit

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On July 17th, when my friend approached SBI, Personal Banking Branch, Coimbatore Tamil Nadu, he had received the shock of his life. Someone has sent an email appearing to be my friends email (but not from his mail box) and the Branch Manager had approved Rs.70 Lakhs Over Draft on the existing NRE Fixed Deposit, without requesting for any original documents.

After OD Approval, he has sanctioned loan on forged documents and remitted Rs.60 Lakhs to China and Rs 5 Lakhs commission each for 2 brokers in Delhi (Total 10 Laks commission). All these transfers have been done on email requests, by submitting scanned copies of some forms. The NRE FD Receipts are still with him in the locker.

Appreciate, if you please engage people of appropriate business domain knowledge and guide him in answering the following questions, particularly by referring to appropriate RBI Guidelines:

1) Can a Bank manager only rely upon email request and scanned documents and approve OD and remit the funds outside country?

2) Can the Bank Manager, in spite of me having physical certificate with me, approve OD, without creating a physical lien on the Fixed Deposit Certificate?

3) As I have my certificates with me, clean without any line mark-up, can I request the Banker to pre-close my NRE FD and credit the money back to my account, not withstanding the fact that he has misappropriated?

4) Can he repatriate Rs.60,00,000 to China? Is there a limitation on wire transfer of funds to China? I was given to understand that maximum limit for such transfer it Rs.25,00,000 per RBI guidelines?

5) If the customer proves that he is not part of the fraudulent transaction, he has the right to request for crediting the fund back to customers account within 21 days?

6) Did RBI has prescribed any form and format to be strictly followed for effecting the transfers on NEFT/ RTGS or it is left to Bank to issue their own form and format?

7) What are the mechanisms available to customer who has lost the money due to careless operation of Bank Manager?

Appreciate your help in getting the reply for these questions. He is in the process of drafting a letter to SBI seeking clarification on the documentation pursued to approve loan against his NRE FD and repatriate big part of it to China.

Also please populate this as wide as possible to understand how the most trusted State Bank of India is mismanaging public funds without any proper accountability.