HC stays ICICI Bank's Rs 20L loan recovery from cyberfraud victim

Petitioner points to bank violating mandatory 30-minute cooling period & RTGS daily limit of Rs 10L by immediately transferring Rs 20L to a new beneficiary a/c

- | Nikunj.Soni

In an important decision pertaining to cyber fraud and negligence by banks, Justice Niral Mehta of the Gujarat High Court has stayed the recovery of a Rs 20 lakh loan from a woman, a victim of cyber fraud, by ICICI Bank.

The woman, employed with a private company, was digitally arrested on December 12, 2023, by cyber fraudsters who threatened to implicate her in an international drug racket. They then forced her to get a pre-approved loan of Rs 20 lakh disbursed from the ICICI Bank where she had an account.