{"id":1289666,"date":"2025-01-17T07:21:40","date_gmt":"2025-01-17T01:51:40","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1289666"},"modified":"2025-01-17T07:22:16","modified_gmt":"2025-01-17T01:52:16","slug":"supreme-court-orders-sbi-to-refund-money-lost-in-cyber-fraud-landmark-judgement","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/supreme-court-orders-sbi-to-refund-money-lost-in-cyber-fraud-landmark-judgement\/","title":{"rendered":"Supreme Court Orders SBI To Refund Money Lost In Cyber Fraud: Landmark Judgement!"},"content":{"rendered":"\n<p>A man from Assam lost Rs. 94,000 in a cyber fraud incident when attempting to return a blazer worth Rs. 4,000 from Louis Philippe. This case has now set a crucial legal precedent regarding customer liability and bank accountability.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"465\" src=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2025\/01\/Untitled-design-3-14.jpeg\" alt=\"Supreme Court Orders SBI To Refund Money Lost In Cyber Fraud: Landmark Judgement!\" class=\"wp-image-1289698\" srcset=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2025\/01\/Untitled-design-3-14.jpeg 1000w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2025\/01\/Untitled-design-3-14-300x140.jpeg 300w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2025\/01\/Untitled-design-3-14-768x357.jpeg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">How the Fraud Happened<\/h3>\n\n\n\n<p>The fraud began with a hacked Louis Philippe website, leaking customer information. A fraudster, posing as a company representative, tricked the victim into downloading a malicious app, allowing unauthorized access to his SBI account. Within hours, the stolen funds were transferred across multiple bank accounts, leaving the victim helpless.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">Victim\u2019s Fight for Justice<\/h3>\n\n\n\n<p>The victim reported the fraud immediately to SBI, registered an FIR, and lodged complaints with various authorities, including the Cyber Crime Cell. Despite this, SBI initially dismissed the case, citing the use of a third-party app, Google Pay, as the cause. The victim persisted, taking the matter to the RBI Banking Ombudsman, Gauhati High Court, and finally the Supreme Court.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">High Court and Supreme Court Rulings<\/h3>\n\n\n\n<p>The Gauhati High Court ruled against SBI, criticizing the bank\u2019s lack of action despite being informed of the fraud within hours. The Supreme Court upheld this decision, emphasizing that banks must use available technology to prevent unauthorized transactions and cannot shift blame to third-party apps.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">Key Legal Observations<\/h3>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>RBI Circular Compliance<\/strong>: <a href=\"https:\/\/economictimes.indiatimes.com\/wealth\/save\/cyber-fraud-supreme-court-orders-sbi-to-refund-rs-94000-lost-in-an-online-scam-to-its-customer\/articleshow\/117022936.cms?from=mdr\">Clauses 8 and 9 of the RBI Circular <\/a>(dated July 6, 2017) mandate that banks refund unauthorized transactions reported within three days unless the customer\u2019s negligence is proven.<\/li>\n\n\n\n<li><strong>Zero Liability<\/strong>: The courts determined that the victim had no liability, as no negligence was established.<\/li>\n\n\n\n<li><strong>Bank\u2019s Responsibility<\/strong>: The judgment highlighted SBI&#8217;s failure to lodge a chargeback request or take timely action to protect its customer.<\/li>\n<\/ol>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">Implications of the Judgment<\/h3>\n\n\n\n<p>This case reinforces that banks must proactively protect customers from cyber fraud. As Shreni Shetty, Partner at ANB Legal, notes, the judgment underscores the importance of banks adhering to RBI guidelines, ensuring swift redressal for victims of unauthorized transactions.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">Final Thoughts<\/h3>\n\n\n\n<p>The Supreme Court\u2019s decision is a significant win for customers, emphasizing the responsibility of banks in safeguarding accounts. It also serves as a reminder for individuals to report fraud promptly and remain vigilant about sharing sensitive information.<\/p>\n\n\n\n<p>4o<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A man from Assam lost Rs. 94,000 in a cyber fraud incident when attempting to return a blazer worth Rs. 4,000 from Louis Philippe. This case has now set a crucial legal precedent regarding customer liability and bank accountability. How the Fraud Happened The fraud began with a hacked Louis Philippe website, leaking customer information. [&hellip;]<\/p>\n","protected":false},"author":30,"featured_media":1289698,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[757,460,177],"class_list":["post-1289666","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-cyber-crime","tag-sbi","tag-supreme-court"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Supreme Court Orders SBI To Refund Money Lost In Cyber Fraud: Landmark Judgement! - Trak.in - Indian Business of Tech, Mobile &amp; Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/supreme-court-orders-sbi-to-refund-money-lost-in-cyber-fraud-landmark-judgement\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Supreme Court Orders SBI To Refund Money Lost In Cyber Fraud: Landmark Judgement! - Trak.in - Indian Business of Tech, Mobile &amp; Startups\" \/>\n<meta property=\"og:description\" content=\"A man from Assam lost Rs. 94,000 in a cyber fraud incident when attempting to return a blazer worth Rs. 4,000 from Louis Philippe. 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