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I had made 2 A/c. Payee only DDs favouring X total value Rs.2,80,000/=
These DDs were credited to A/c. Y without my consent and probably without the DDs being returned to the issuing Bank for correction of the Payee's name.
The DDs were issued against a purchase.
This is a clear case of fraud by the vendor, but somehow he is getting full support from the Banks.
The Banks are Authority who could have prevented this crime. Instead, the Banks verified the Parent document which bears their customer's name and my sale deed and the DDs which both bear the errorenous name - instead of thinking it as clear fraud the banks are trying to pass it off as a typing error.
The DDs due to the value are guaranteed. Yet without my consent the wrong A/c. was credited. This crime could have been nipped in the bud had the Banks merely followed the Law & RBI rules.
Since I did not seek any damages or gain from the Banks, I made my complaint to the Banking Ombudsman on 12.1.2000. The Ombudsman contacted the Banks on 13.1.2000. But the Banks started their own parallel proceedings. The Bank replied to the Ombudsman vide their letter dt 3.2.2000 which only reached the Banking Ombudsman's office on 5.2.2000 & again on 8.2.2000 - while they issued letter dt.4.2.2000 to their customer seeking indemnity incase a decision is taken against the bank. This resulted in the vendor obtaining an injunction, when he is the person who misrepresented himself to me, the Sub Registrar and the Banks and made us take high value DDs even though his A/c. is in a different name.
The fact that the Banks issued letters seeking indemnity is proof of bank negligence.
The Banking Ombudsman is silent on the issue.
Please guide me as to what should be my action.
Thanks & regards,
D Wilcox
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