The Bombay High Court has directed HDFC Bank to deposit Rs 2.9 crore into the account of customer Meenakshi Kapuria, after her Rs 3 crore was allegedly siphoned off by her relationship manager, Payal Kothari. The court was hearing Kapuria’s plea, which alleged that Kothari fraudulently transferred the money to fictitious accounts and then into her own accounts. The court instructed the Reserve Bank of India (RBI) to frame a policy to prevent similar frauds in the future. The court appreciated HDFC’s gesture of depositing the missing amount, but emphasized that this should not be a “one-off case” and that the bank should establish a policy to return money to customers who are cheated by relationship managers. The court also instructed the RBI to file an affidavit outlining the policy’s details andimplementation. The court has asked HDFC to file an affidavit detailing the steps it will take when an account holder is defrauded by an employee. The court also directed the zonal Deputy Commissioner of Police to complete the investigation expeditiously.
