Cyber Crime
Rs 999 Crore Credited to IIM Bangalore Coffee Vendor’s Account? RBI Intervention Needed for Comprehensive Forensic Audit
What began as an ordinary weekend quickly turned into a financial ordeal for Prabhakar S., a small coffee shop owner at the Indian Institute of Management-Bangalore (IIMB). Upon checking his wife’s savings account with the Central Bank of India, he was left in disbelief when he saw a massive, unexpected deposit of Rs999 crore. This staggering sum, far beyond anything he had ever imagined, seemed like a dream come true. However, the situation soon turned into a nightmare.
Within 48 hours of the error, the bank froze the account and withdrew the funds. To his dismay, Prabhakar found himself unable to carry out even basic transactions. “The amount credited was close to Rs999 crore, and now they’ve frozen my account,” he explained. “They’re asking me for personal details, but all I know is I can’t access my money.”
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The situation has left his business in limbo. Running a small coffee shop, Prabhakar depends on daily transactions to keep operations going. With the account frozen, he is unable to make payments to vendors, leaving him frustrated and helpless. “I told them they need to release the account so I can pay my vendors, but they don’t seem to take any responsibility,” he said.
Efforts to resolve the issue have so far been unsuccessful. Despite visiting the bank and sending multiple emails, Prabhakar has yet to receive a satisfactory response. “They haven’t even given me a timeline for when I’ll be able to make transactions again,” he said, expressing his frustration with the lack of communication from the bank.
Financial experts have commented on the situation, with Harshad Chetanwala, co-founder of MyWealthGrowth.com, pointing out that such a significant error warrants a thorough investigation. Chetanwala advised Prabhakar to escalate the matter to the Reserve Bank of India (RBI) if the bank does not resolve the issue promptly. “He should raise a complaint with the RBI and follow the proper grievance procedure,” Chetanwala suggested.
For now, Prabhakar’s balance remains visible but inaccessible, leaving him in financial limbo. He remains hopeful that the bank will take responsibility and correct the error, allowing him to resume his business and daily life.