ICICI Bank’s Credit Card fraud investigation is a Sham

I lost my card a few months back and it was used by someone to make a transaction of about 18k (For details, read my last post). I raised a dispute with ICICI Bank which was settled against me. After spending a month trying to get a copy of the investigation report from ICICI Bank customer care and their hallowed and inaccessible Chargeback Department – I have finally received it, and guess what, it’s an utter pack of LIES!!

I am not kidding – some of it is plain unbelievable.

Here are some snippets from the report. CM=customer, ME=merchant

“ME told us that CM came to his outlet and taken original chargeslip & bill, no clue found, however the identity of card user was not ascertained,on asking CM of show charge slip and bill copy he refused to show. “

Wow! I was never asked for a charge slip by the investigator, nor did I have one. I accompanied the police to Big Bazaar (the merchant), where the police collected the IMEI codes (the card was used to buy a couple of phones), but not the charge slips. I went again recently, and I was told that I could not get the charge slip from the merchant now, without the consent of the bank.

So the investigator not only turned me into someone who “refused” to show charge slip (when he has a disputed transaction of 18k!), he has turned the merchant into a liar as well! So they don’t just screw their retail customers, but even their merchants! 

CM had not informed field team that he himself had visited to ME ‘BIG BAZAAR’ for investigation, When asked for charge slips CM refused to show chargeslip and bill copy.

CM was not responding well during Investigation.

The point is reiterated, and evidently “I had not informed the field team I had visited the merchant”. This when I myself,gave the field team the contact number of the concerned employee at Big Bazaar. Oh! by the way that amounts to “not  responding well during investigation”

CM is not working anywhere and staying in a hostel in Gurgaon.

This one takes the cake. It literally threw me over the edge. Here I am, a director of a pvt. ltd. company, staying with my parents in Gurgaon – he turns me into an unemployed hosteler! Phew! Unbelievable. And this is when the investigator visited me at my residence!

So, you see what a fraud ICICI Bank credit card division is. Until now, my concerns were around long wait times, long turnaround times – but this takes it to a whole new level.


15 thoughts on “ICICI Bank’s Credit Card fraud investigation is a Sham

  1. Rana says:

    Dude, dont pay up.
    Go to a consumer court, you’ll whip their ass.

    Also, – i’m not joking – call India TV

  2. Molu says:

    My card was also stolen about a month back. Whats more, one guy was caught and was in police custody. In spite of that ICICI decided I was responsible and want me to pay. Is their a way to get the India TV involved ?

  3. Sujoy says:

    Hi Molu ,

    I too am facing the same issue.The guys have caught someone and reported the same to me.
    Now ICICI bank wants me to pay up the amoutn as if i only made the transaction.

    heel to them and their investigations.


  4. Tom says:

    I have been stressed out on this too. The fraud was 80K +.
    Citibank calls me often and reminds me that its my liability to pay although they have video footage of the culprits. I am not sure what options i have. Can you guys tell me if you have a way out.

  5. Ashish says:

    Hey Tom,
    I think you should consult a lawyer – that doesn’t mean that you have to necessarily file a case in a consumer court, but at least he will tell you what your options are and how strong your case might be – in case you do file one.

  6. Rajendra Dishri says:

    I want your poneno or mail id.
    I have same case and ICICI is looking for me to pay.They were caught the culprit.whome to tallk advise

  7. shanti says:

    Date : July 4, 2008
    My name is Shanti Maiti. I live in USA – California for the past 11 yrs. I visit India often. I have an account with ICICI Bank Ghatkoper Branch. (Contact details :
    Chandrashekhar Salian Regional Sales Manager 9833614646

    Umang Shah Investigating Officer 9920758653 Umang.shah@icicibank.com

    Jigar Anandpara Area Sales Manager 9833777694 Jigar.Anandpara@icicibank.com

    Rupa Chanda Assistant Manager 9819984840 Rupa.Chanda@icicibank.com

    Customer service 18664242448 customerservice@icicibank.com

    Important Information:
    My NRE A/C No.XXXXXXXX GhatKoper Branch India which was debited fraudulently.
    MR. SHAKEEL AHMED A/C NO. 002601536284 : Which was credited.(FRAUD)

    On 6/21/08. some one hacked their website (or ICICI bank has glitch in their program)and debited my account : XXXXXXXX for 196000/-.
    On 6/23/08 I received a mail from Mr. Umang Shah asking me or my relative in India to contact him regarding Internet Fund Transfer .
    On 6/24/08 As I was not sure if the mail was genuine and from ICICI bank, I replied to his email “What Fund Transfer are you talking about.?” Please contact me at USA no.
    On 6/28/08 as I did not hear from him I had some doubts about the mail. So I tried to log on to my account through Internet but I could not log on as it was stating that my UserID is disabled. So I contact customer service at 18664242448. Just to assure I asked the balance and was shocked to hear the balance. Then I contacted the Mr. Umang Shah – Investigating officer of ICICI bank , Rupa Chanda – Assistant Manager -they confirmed that my account as well as several others accounts were debited fraudulently.
    I tried to talk to the Branch manager but she was not willing to talk to me.
    Same night Rupa Chanda called me to assure that it was a fraud and my money will be returned.
    From customer servise also they assured the same that I will get my money back.

    Now they do not want to take any responsibility and do not even want to talk to me because they know its ICICI bank fault. Either ICICI bank has glitch in their Internet Banking or their internal IT employees are involved.
    Since then I have been trying to get in touch with a responsible authority of ICICI bank as these customer care banking officers and the Branch Officer do not want to talk to us and disconnect my phone.
    Also please note that they came to know about the fraud on 6/23/08 and did not even bother to call me and confirm if I did that transaction. On 6/28/08 Mr. Umang Shah told me that when Mr. Shakeel Amed’s account 222601536284 was credited with lots of money from my account and several other account holder they were alert and kept a watch on his account.
    I want to point out ICICI bank irresponsibility (On purpose as employees are involved in this) here is :-
    1. Why they waited and did not freeze his account or questioned him immediately.
    2. Why they waited till MR. Shakeel Ahmed took out all the money from his account.
    3. In banking system whenever there are suspicious transaction like this an Alert Flag is raised and respective Team is informed about this so that they can keep a watch on it.
    4. ICICI does not allow to withdraw more than 25000/ per day from ATM. In banking system there is a limit restriction to transfer money via Internet Banking. How cum my account was debited for 196000/.
    5. Here again when his account was credited with tons of money why the team did not contact us immediately.
    How cum these hackers do not hack our national banks. If these are hacker then they will hack any web site even the national banks.
    Now ICICI bank does not want to take any responsibility. It seems there are lots of complain against ICICI bank with cyber police of Bombay . I spoke to the Inspector of Cyber Police and they confirmed that they get lots of complain about ICICI bank.
    Working as a systems analyst in IT of Bank of America we know that this kind of hacking is not possible without the help of ICICI bank employees.
    These private banks like ICICI hire morally cheap employees who do this kind of hacking with partnership of outsider and get away clean.
    I am also contacting the Finance Ministry and all possible authorities
    Shanti Maiti,

    Bombay contact :

    Shanti Maiti

    • RGV says:

      I also strongly feel that Icici Bank employees themselves are involved in several frauds of debiting money from accounts of account holders. I have myself faced this problem, when, luckily, small amounts of money were being debited from account through mobile banking although I had not activated mobile banking.When I reported these fraudulent transactions to Icici Bank they told me that I myself would have transacted the amount, trying to show that I am a cheat. Although the fraud complaint was not registered, the debits which were happening regularly every 10 days for about three months- I was not operating the account for the last three-four years, have stopped. This goes to show that some persons within the bank are making fraudulent transactions from customer accounts.

  8. how can i buy credit card

  9. i know who is those people who are missusing the credit card and not paying thiss is the long process in wich banks verifying is evolved ..my contact no is this 9892247626…
    for more information call me i am happy to help uuuu

  10. ASHWANI BHATIA says:

    Dear All credit card users of ICICI Bank,

    Myself, Ashwani Bhatia user of the credit card lost card and came to know from Bank’s Monitoring Dept that card was stolen or lost and out of the card transaction of Rs 7,000 took place and the person doing multiple transaction out of the card and same verified with the original user of the card and card was temporarily blocked by the Bank official during conversation.

    Monitoring Dept. requested for the Fax copy of the conversation and asked not to make any payment for the illegal transaction, Supervisor Monika, Mumbai Branch said request for the above transaction had been sent to Chargeback Dept and money debited from the card would be Credited .

    Very next month of the case went for investigation, investigator came to my place for formality and did not asked for any FIR which should be a legal and supporting document attached with the Investigation form. There after no communication and started receiving the Credit Card Statement and amount was reflecting in the statement for which i was not liable to make the payment.

    End number of times spoken and discussed the above with customer care executives and not being intimated by them for any output of the investigation’s result. I was getting calls from the collection dept for making the payment and after some time getting abusive and false statements were used by the collector to get the payment and always disconnecting the calls if no surity of payment from the customer.

    After 10 months, case went for settlement due to miscommunication and the settlement agent need to complete his targets with the card holder.Personally came to know if the case went to CIBIL credit company and customer name was added in the Black List category still requesting for the payment.

    At last there was miscommunication between various departments of the Bank(i.e. Monitoring Dept., Chargeback Dept.,Customer Care Dept. & Collection Dept. These Dept are linked together and should work proactively and information with them should be utilised for solving the fraud case.

    If there is no intimation form the Bank’s various dept. how would cardholder will be benefited and Bank is not operating systematically. There should be more laws in India for credit card operations.

    Thanks & Regards

  11. Hemraj says:

    Hey Buddies,

    For God sake & if you are getting the monies through your hard work then PLEASE DO NOT USE INTERNET BANKING AT ALL !
    The services like Internet Banking not that much improved which it actually require & if you stuck somewhere while making transaction with them the co-ordination are really poor.

    I never trust on any Private Bank like ICICI or HDFC. I am having accounts with our Nationalize banks like Bank of Maharashtra & State Bank of India. I do accept they are slow compare to other Private Banks but I am sure my money is safer with them & they are improving best YAAR!

    I experienced one incident, happened while using internet banking with State Bank, as I get my salary & all my expenses from my USA office, I were using internet banking for the fast review & tracking, but one day there was a sudden debit of INR 126758 which was not at all of my knowledge so I made a complaint with SBI grievance department & very second day the team of 3 members came to check whether the transaction happened on my computer or not, they checked it thoroughly, get the report signed by me, asked me to launch the official police complaint. As all the area I gone through during this period was the Government so I got my money back as fast as within 15days, this I’ll NEVER NEVER expect from any other Private Bank. The employees of SBI or any other Nationalize bank is matured enough to understand the customer problems so the co-ordination I got from SBI people was really SUPERB!

    Kindly share this with others!

    Have a Safe BANKING !!!!

  12. Babuli Nayak says:

    Kindly please sir/ madam i like in the creadit card chooise in the our roll regulation please send me
    i’m wait me my mobileno-9718171678, per mont salary 11563 Ruppes please please please sir

  13. alex says:



  14. google adsense ready websites says:

    Good money article blog. Thank you for your help!

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