- This topic has 45 replies, 29 voices, and was last updated 1 year, 3 months ago by
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AMe and my wife recently found that her HDFC Bank account has more than 80 Lakhs INR Transactions.
Her father has put Money from other sources :
Some LAS her father took as well as some of her policies that were surrendered.
The policies were surrendered by her consent and then the amount credited was immediately transferred to her father’s account. This Policy surrender amount is about 5 lakhs but there are 2 other transactions: 1. 65 lakhs and 2. 15 Lakhs which were some OD and LAS of her father and I saw it got credited into her account and then transferred to her father’s account.
The scary thing here, these transactions are showing RTGS but there was no OTP or call received by her from the bank. The transaction successful messages came and that alerted her.
How is this possible? Today when we visited our branch (HDFC) they said this must have been done by an employee of bank. They also mentioned that my wife might have TDS burden on her.
PS: My FIL is 73 and holds immense investment in HDFC.
What to do here?
1. Is it true that TDS burden will be on her? If yes, then what do we do here?
2. How do we call this out? Isn’t it illegal?
Please help us.
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AAware of it. But what to do here? What are the consequences that we may face? We are confused and have no idea what to do.
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PThese are benaami transactions – Fraudulent under the law.
As a first step, both of you sit with your father in law and ask for a full accounting + whatever assets and liabilities have been created in your wife’s name.
Also check the email and phone number registered with the bank for statements/OTPs etc.
When you have the full information, see whether you and your wife are comfortable with the situation (this may have been planned as an inheritance for your wife).
Take a decision only after this.
(If he doesn’t cooperate, let your wife go to the bank do a re-KYC with a new phone number and email address and take control of these assets. It’ll put you in a stronger bargaining position with him ).
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AThank you for this response. I really appreciate.
As I mentioned, There is a Debit SMS and Email but No OTP or Call for the transactions.
The Bank of Employees of our Branch directly told us that someone from the Bank is doing it in that branch. I do not know if that is possible or true.
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DNeed more details, what policy is it? and you explained about 5-6L but what are the other 70L transactions?
and Didn’t quite get LAS and OD closure, how does money come to the account.
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AThe policies were some HDFC Life Insurance Schemes which he made her surrender and she did it. The other amount is LAS and OD which he took out of his Investment.
That is my exact question, we have it in Bank Statement of that some TAPITS TECHNOLOGIES credited 65 lakhs in her account and it was later debited that day to her fathers account.
PS. There is a Debit SMS and Email but No OTP or Call for that transaction.
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DCheck your AIS in income tax portal. Most of such payments come after TDS, so tax liability maybe nil
As long as its online payment, you cannot allege money laundering. As far as the security of HDFC goes, their own is supposed to answer this
Better not to get legal in this.
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Urtgs doesn’t require otp if it’s done offline … just a cheque with ur wife’s signature and an rtgs form with her signature will suffice
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ANow I get it!!!
Additional Information: My MIL can copy her sign very well, she has done this previously when she used to be out of town.
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Uyup and if you know the branch employees then signatures on the forms/cheques (even if there’s a mismatch) will be processed
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Uand if i am not wrong TDS can be claimed while filing ur income tax (please do correct me if i am wrong)
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UTDS is just tax deducted at source. This actually has nothing to do with the amount received. You definitely may have IT repercussions, but not TDS.
As per process the Bank may have to do due diligence while processing a high amount transaction. You wont get an OTP for an offline transaction. But ideally a call should have been made.
Please report this as fraud to the branch if the transaction hasnt been initiated by you. Please ask them to verify the signatures. Banks do take help of signature experts in case of frauds .
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Bwife will 100% receive income tax notice anytime not necessarily next year but could be even after 10 years.
Seek CA advice
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UNAL; Ask your wife if in past she had given her father any signed blank cheques
If yes, then that would explain the RTGS transaction;
If not, then register complaint with HDFC as to how this transaction was authorised.Like other users suggested, do a re KYC as well with new contact info and also update a newer signature
With regard to 80L+ transaction reporting, consult your CA because there are high chances of notice from IT dept in future if your wife’s IT returns are not adequate.
Also fetch the latest CIBIL report of your wife to check for any other existing loans in her name that you may not be aware of.
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UThing with benami transactions is that they can go on for a while without as much as a notice. But when the authorities come after them they throw the entire kitchen sink at them … freezing accounts, money laundering,IT notices and arrests. So get it cleared ASAP . Rest assured the account is being monitored.
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UHi. Send a notice under RTI requesting for all the details for the transactions done along with any cheque or debit confirmation taken by the bank. Once you get those contact a good CA as there will be tax implications which will be a great burden for you to clear. If the transactions are fraudulent depending on your family situation and how far you want to take it contact an actual lawyer
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URTI applies only to “public institutions”; HDFC is a private bank and doesn’t come under the purview of the RTI Act.
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