HSBC Bank misused letters signed by customer and transferred money from his account, Now customer files case in court

- Advertisement -

HSBC Bank: The Calcutta High Court on Friday directed the personal appearance of the HSBC Bank management in a case filed by a London-based lawyer of Indian origin claiming fraud and siphoning of funds. You can download PDF of case given below.

What is the case all about?

Justice Ananya Bandyopadhyay passed the order in a case alleging that the bank’s non-resident Indian (NRI) services induced him to open a bank account in Kolkata to help him transfer funds to his parents.

It was claimed that the bank misused blank letters signed by the petitioner on their request by investing in loss-making funds, thus causing wrongful gain.

- Advertisement -

The learned Registrar Administration (L & OM) is directed to serve administrative notice upon the opposite parties to ensure their personal appearance before the court on the next date of hearing through the concerned police station,” the order reads.

Further, it was stated that the bank management also forged the petitioner’s signature to sell mutual funds and that they siphoned the money into their own accounts through a fraudulent home loan agreement. HSBC was also accused of siphoning funds from his NRO account, contrary to his instructions.

Huge amounts of money were removed from the bank account of the petitioner without his consent and when he asked for bank statement they refused / failed to provide any explanation for the same to the petitioner,” the petitioner claimed.

- Advertisement -

Even payments for lapsed insurance policies were continually deducted from the petitioner while the amount paid was siphoned, the plea claimed. The petitioner further alleged that the bank sent goons to his father’s house and threatened him with physical violence, asking for further payments on a home loan.

The petitioner had initially lodged a police complaint with the Shakespeare Sarani Police Station in July 2013. This was followed by a case before the Chief Metropolitan Magistrate (CMM). The case before the CMM was dismissed in December 2014, which resulted in the revision petition before the High Court on the ground that the order was erroneous and bereft of judicial reasoning.

In its order passed on Friday, the High Court summoned HSBC represented through its erstwhile director and country head of India Naina Lal Kidwai, erstwhile global chairman Stuart T Gulliver, erstwhile Shakespeare Sarani branch head Clement Philip, and several other employees who acted as relationship managers for the petitioner’s father.

- Advertisement -

The case will be heard next on April 17. The petition was filed through Advocates Debangshu Ghatak and Partner at Ashlar Law, Souvik Bhadra.

- Advertisement -

Share this article...

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More News...

Latest

HDFC Bank Held Liable By NCDRC For Not Sending SMS Alerts Regarding Unauthorized Transactions

HDFC Bank Held Liable By NCDRC For Not Sending SMS Alerts Regarding Unauthorized Transactions

RBI released new Master Circular on Fraud Risk Management [Download PDF]

RBI released new Master Circular on Fraud Risk Management [Download PDF]

RBI Master Circular – Bank Finance to Non-Banking Financial Companies (NBFCs)

RBI Master Circular - Bank Finance to Non-Banking Financial Companies (NBFCs)

RBI Master Circular on SHG-Bank Linkage Programme

RBI Master Circular on SHG-Bank Linkage Programme

RBI Master Circular on Conduct of Government Business by Agency Banks – Payment of Agency Commission

RBI Master Circular on Conduct of Government Business by Agency Banks - Payment of Agency Commission

RBI Master Circular on Board of Directors – UCBs

RBI Master Circular on Board of Directors - UCBs

RBI Master Circular: Lead Bank Scheme

RBI Master Circular: Lead Bank Scheme

RBI Master Circular: Housing Finance

RBI Master Circular: Housing Finance

RBI Master Circular: Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM)

RBI Master Circular: Deendayal Antyodaya Yojana - National Rural Livelihoods Mission (DAY-NRLM)

RBI Master Circular: Basel III Capital Regulations

RBI Master Circular: Basel III Capital Regulations

Latest News