₹50,000 Deducted From Businessman’s Account

Bank honours 15-year-old cheque

₹50,000 Deducted From Businessman’s Account

TIMES NEWS NETWORK

Ahmedabad:28.12.2021

A businessman from the Law Garden area on Sunday approached Ellisbridge police complaining that someone withdrew Rs 50,000 from his account using a 15-yearold cheque.

The case has become a mystery and showed negligence on the part of a nationalized bank, which allowed the money transfer with a cheque from 2006. According to Reserve Bank of India (RBI) guidelines of 2012, the validity of a cheque is three months from the date of issuance.

Mayur Vayeda, a resident of Thakorbhai Tower in Law Garden, said he had gone to his bank in Nehrunagar as he wanted to withdraw around Rs 40,000 from his bank account.

When the banker checked his account, he told Vayeda that he did not have sufficient money in the account. Vayeda inquired further and got a bank statement, which showed the irregularity.

According to the bank statement, Rs 50,000 were transferred to one Pankil N Deval on December 21. Vayeda said that he had never met a person named Pankil N Deval and not even heard the name. As he further inquired into the matter, he learned that the money was transferred to the other account with a cheque issued in 2006.

“The bank officers should check the details before transferring the money. They cannot allow someone to transfer money from one account to using a 15-year-old cheque. This is contrary to the guidelines of the RBI,” Vayeda, who runs an elevator business, told TOI.

Vayeda also said that the bankers confessed to there being a mistake and said they would deposit the money back in his account.

Ellisbridge police began an inquiry to know who withdrew the money using the 15-year-old cheque and whether there was connivance by a bank officer.

The case has become a mystery as according to Reserve Bank of India (RBI) guidelines of 2012, the validity of a cheque is three months from the date of issuance