Sanjeev Jindal, the Chairman of the Consumer Disputes Redressal Commission, recently issued an order directing Axis Bank to reimburse Mukta Malhotra, the account holder, for the value of Rs 51 lakh. This decision was made in response to the discovery that Mukta Malhotra's account manager, Rajiv Sharma, had forgeried her signature in order to fraudulently take money from her account.
The Consumer Disputes Redressal Commission has mandated that Axis Bank pay nine percent interest on the withdrawn cash in addition to the principal amount of Rs 51 lakh. Additionally, Mukta Malhotra has been awarded Rs 2 lakh by the bank as compensation for the psychological distress she endured as a result of the occurrence, along with Rs 22,000 for legal fees she incurred during the court proceedings.
The owner of South Asian Apparel Resource on Khandsa Road, Mukta Malhotra, filed a case with the Consumer Disputes Redressal Commission detailing her account manager Rajiv Sharma's illegal conduct. Rajiv, who was in charge of overseeing the business's Axis Bank account, moved a total of Rs 51.75 lakh from the account to his wife's company, Prinyanka Design.
Mukta Malhotra learned of the illicit withdrawals on April 15, 2019, after receiving a notification from Axis Bank regarding the activities. It was discovered that Rajiv had been using forged checks to take money out of the account over time.
The Police Commissioner opened an inquiry after receiving the complaint, and on July 9, 2019, a case was filed under several legal headings at the Sector-10 police station. The investigating officer seized cheques from Axis Bank and Bank of Baroda with forged signatures and served Axis Bank with a notice inviting them to cooperate with the inquiry.
Nevertheless, Axis Bank did not assist with the inquiry and did not offer any written correspondence, including emails or messages, to back up their assertion that they had alerted Mukta Malhotra to the fraudulent activity.
Following an evaluation of the available data and hearings from both sides, the Consumer Disputes Redressal Commission determined that Axis Bank was at fault in this instance. The complainant's signature did not match those on the fake checks, according to a handwriting expert's assessment of the signatures on the checks, which the court had mandated.
As a result, the Commission found in Mukta Malhotra's favor and directed Axis Bank to reimburse her for the Rs. 51.75 lakh principal plus 9% interest. In addition, the bank was ordered to reimburse Rs 2 lakh for emotional distress brought on by the event and Rs 22,000 for legal costs.
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