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Under which section does the Joint account comes as illegal or fraud
04-Aug-2023 (In Banking / Finance Law)
If a person A from "Either or survivor" joint account type has withdrawn all the money from the account and closed it, without the knowledge of person B is it illegal?? Can it be a criminal or civil case? Is it cheating??
And person B has sent a legal notice to person A asking to return the amount withdrawn from the joint account, or else will be filing a civil and criminal case against person A
So in this case how to defend on person A??
What are the probabilities of winning the case for person A??
Kindly Give some suggestions on this
1. The source of income of the money deposit to the account would be scrutinized.
2. The withdrawal of the money from the account would have to be utilized only for common interest of both of the party.
3. Both A and B has equal rights on the account.
4. Did you both indulge in any agreement for business or something?.
5. Can you share the notice to me?.
2. The withdrawal of the money from the account would have to be utilized only for common interest of both of the party.
3. Both A and B has equal rights on the account.
4. Did you both indulge in any agreement for business or something?.
5. Can you share the notice to me?.
Helpful?
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