Kerala High Court directs SBI to refund ₹3.73 lakh to victim of cyberfraud
The Kerala High Court has ordered the State Bank of India to refund a cyberfraud victim after finding the bank failed to act despite timely reporting. The court emphasized the bank's negligence in failing to secure the account after the fraud was identified.
Why it matters
Sets a legal precedent for bank accountability in cases of digital financial fraud and consumer protection.
Kerala High Court directs SBI to refund ₹3.73 lakh to victim of cyberfraud left The Kerala High Court building in Ernakulam. https://th-i.thgim.com/public/incoming/4ffa1k/article71608062.ece/alternates/FREE_1200/Kerala-HC-dispoG1IGM563F.4.jpg.jpg VIBHU H KOCHI, KERALA, 16/02/2016: The Kerala High Court building in Ernakulam. Photo:H.Vibhu. The court observes that she is entitled to the refund as she reported the fraudulent transaction to the bank and the police within the prescribed time KOCHI The Kerala High Court recently directed the State Bank of India (SBI) to refund ₹3.73 lakh to a victim of cyberfraud. The court observed that she was entitled to the refund as she reported the fraudulent transaction to the bank and the police within the prescribed time. Justice Harisankar V. Menon noted that the bank did not take any steps to recredit the amount siphoned from her account, even though she registered a complaint immediately after the incident.
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