Month after man lost Rs 9.5 lakh from account, bank says no refund

Rajesh Aerat tried to get the bank to block his accounts without success

A Vikhroli resident, who was robbed of his phone and wallet kept in a parked car, lost Rs 9.5 lakh after the accused changed his ATM PIN using phone banking, increased withdrawal limits and withdrew cash from various ATMs. A month since the theft, victim Rajesh Aerat's bank has said he can't get the money back.

Aerat, 51, runs a consulting firm. On August 22, he met his friends for a morning walk at 6 am at the Eastern Express Highway in Vikhroli and kept his mobile phone, wallet and bag in a friend's car, which was parked on the highway. The group returned at 7.30 am to find the car broken into. After filing the FIR with Vikhroli police, when Aerat checked his ICICI Bank accounts in the afternoon, he found that Rs 9.5 lakh had been withdrawn. "I asked the bank to block my two accounts and ATM cards immediately," said Aerat, who had tried the same while at the police station but was unsuccessful.

Police said the accused visited ATMs between Dadar and Parel. The accused made 71 withdrawals from the two accounts. The next day, Aerat filled a dispute form at the bank. "I was told by ICICI Bank that they would resolve the dispute by September 26. But on the day, around 10 pm, they sent an email saying they won't be able to refund the money," Aerat said.

A spokesperson from ICICI Bank said the bank was alarmed after five to six transactions and had called on Aerat's number, which was with the accused.

"We empathise with the customer. The customer realised the loss around 7.30 am but called the bank to block the cards after 1 pm. During this time, the bank's app was re-installed, PINs were generated, daily withdrawal limits were enhanced and transactions were made. The bank reached out to the customer to verify the authenticity of the transactions and the person who attended the call, approved them. There was no way for the bank to realise that the transactions were unauthorised," the spokesperson said.

Aerat added, "ICICI Bank's system allowed 71 transactions within a couple of hours. The accused increased my collective withdrawal limit from R1 lakh to Rs 9 lakh. Despite multiple follow-ups, the amount shows as contested - this points to insensitivity and pathetic customer service."

Investigating officer Police Sub-Inspector Raosaheb Mote of Vikhroli police said, "We could not figure out how the accused made 71 withdrawals within a short time. Based on inputs from technical experts, we assume the accused inserted Aerat's SIM card into another phone and used it to log into the ICICI Bank application by changing the password through an OTP. The accused has been captured in ATM CCTVs and is wearing a face mask. We will arrest the accused soon."