HC asks bank to release cyber fraud victim's money with 6% interest

Jaipur: A single judge bench of Rajasthan High Court Thursday directed IDBI Bank to refund Rs 58.9 lakh, along with 6% interest since 2022, to a chartered accountant who fell victim to a cyber fraud. Ruling that the customer, in the case of cyber fraud, bore zero liability, the court also asked Union finance ministry and Reserve Bank of India (RBI) to formulate a mechanism to safeguard customers' money from unauthorised transactions. Court also said strict action must be taken against social media companies selling data of customers, which is being misused for cyber fraud. The court of Justice Anoop Dhand was disposing of a petition filed by Rakesh Totuka. TNN