A city sessions court in Ahmedabad, India has overturned a magistrate’s order to transfer Rs 7.70 lakh from a Punjab National Bank (PNB) account in Ernakulam, Kerala, to Yamini Porval, a resident of Satellite area in Ahmedabad. Porval was defrauded of Rs 26.96 lakh by cybercriminals and had traced a portion of the stolen money to the PNB account, which was frozen by the police. The magistrate had ordered the transfer of the Rs 7.70 lakh to Porval, but PNB appealed, citing that it was not notified before the order was passed and that the account had zero balance. The bank also raised concerns that it had multiple claims from other cybercrime victims across various states, and that it was unable to comply with the order due to insufficient funds in the account. The sessions court has now cancelled the magistrate’s order and directed the trial court to hear Porval’s case again, with the requirement that PNB provide a comprehensive report on all claims against the fraudulent account.
Kochi Court Ruling Favors PNB, Blocks Illegal Fund Transfer
by newsworm | Nov 23, 2024 | Banking, Punjab National Bank