Sat Feb 08 19:35:21 UTC 2025: ## ICICI Bank Ordered to Compensate Cyber Fraud Victim ₹2 Lakh
**Chennai, February 9, 2025** – The District Consumer Redressal Forum, North Chennai, has ordered ICICI Bank to pay ₹2 lakh in compensation to a cyber fraud victim for failing to freeze a fraudulent account used in a scam.
D. Madumitha of Ayanavaram reported that on July 21, 2023, fraudsters impersonating FedEx staff and Mumbai police defrauded her of ₹19,91,687. She immediately contacted the 1930 cybercrime helpline and requested the bank to freeze both her account and the account receiving the stolen funds. While her account was frozen, the bank refused to freeze the fraudsters’ account.
ICICI Bank argued that unauthorized transactions are a matter for criminal investigation and denied responsibility. However, the consumer forum, citing the RBI’s ‘Zero Liability’ guidelines, ruled in Madumitha’s favor due to her prompt reporting of the fraud. The forum, presided over by D. Gopinath, held the bank accountable for its inaction.
First Piper 