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Submit your complaint →Nikhita Motwani, an Analyst in Accounts Receivables and ex-Axis Bank employee, has raised a shocking complaint on LinkedIn after losing ₹50,000 in a Magicpin-linked cyber fraud. Despite filing a police report and providing proof, Axis Bank refuses responsibility, claiming “OTP entered means customer liable.” Choice4Voice.com investigates how this case exposes India’s growing digital banking risks and what legal action victims can take.
Complaint Summary
| Details | Information |
|---|---|
| Complainant Name | Nikhita Motwani |
| Profession | Analyst – Accounts Receivables (Former Axis Bank Employee) |
| Complaint Type | Cyber Fraud / Unauthorized Transaction |
| Company / Brand | Axis Bank & Magicpin (Samast Technologies Pvt. Ltd.) |
| Transaction Amount | ₹50,000 (Inflated to ₹84,000 with late fees) |
| Date of Incident | July 2024 |
| Platform Involved | Magicpin App |
| Issue Summary | Fraudulent transaction processed via fake Axis Bank KYC page; bank refuses refund citing OTP entry. |
| Company’s Response | “Since OTP was entered, customer is accountable.” |
| Desired Resolution | Refund of disputed transaction and reversal of penalties and CIBIL impact. |
Full Complaint Details
Nikhita Motwani, an experienced Accounts Receivable Analyst and former Axis Bank employee, shared a deeply concerning experience that highlights the dark side of India’s growing digital finance ecosystem.
In July 2024, a fraudulent ₹50,000 transaction was executed on her Axis Bank credit card through Magicpin (Samast Technologies Pvt. Ltd.). The incident occurred just a day after she used the Magicpin app for a regular food order.
Despite filing a police complaint and submitting clear proof of cyber fraud, Axis Bank refused to take responsibility. Their official statement claimed:
“Since OTP was entered, you are accountable.”
However, the fraudulent link used by scammers was a near-perfect clone of Axis Bank’s official KYC update page, complete with the same branding, layout, and OTP workflow making it nearly impossible for even a trained professional to identify the difference.
Over time, Axis Bank not only refused the refund but also inflated the dues from ₹50,000 to ₹84,000, adding interest, late fees, and CIBIL impact punishing the victim instead of protecting them.
Nikhita’s post raises vital questions about:
- The bank’s accountability in protecting customer data.
- Magicpin’s role in securing payment information.
- The lack of consumer protection against phishing and digital clone frauds in India.
Legal Case Can Be Filed
Based on the nature of this complaint, the following legal provisions apply:
- Section 43 & 66, Information Technology Act, 2000 – For unauthorized access and fraudulent online transactions.
- Section 420, Indian Penal Code (IPC) – For cheating and dishonesty involving financial loss.
- Consumer Protection Act, 2019 (Section 2(47)) – For deficiency in service by Axis Bank and Magicpin.
- RBI Circular on “Customer Liability in Unauthorized Electronic Banking Transactions” (July 2017) – Holds the bank liable if the customer reports promptly.
- Cyber Crime Reporting Portal (MHA) – For registering digital fraud cases under national cyber laws.
How Choice4Voice.com Can Help
Choice4Voice.com helps Indian consumers fight back when brands, banks, or fintechs refuse to take accountability.
Here’s how the platform assists in cyber fraud cases like this:
- Verification & Documentation: Complaint is reviewed and verified before publishing.
- Public Exposure: The story is published on Choice4Voice.com and LinkedIn to draw public and media attention.
- Legal Guidance: Victims receive guidance on filing complaints with RBI, Cyber Crime, and the Consumer Forum.
- Escalation Support: Assistance in drafting professional emails and FIR templates.
- Corporate Accountability: Brands are encouraged to resolve the matter promptly to avoid legal or reputational risk.
Applicable Legal Authorities
| Authority | Purpose |
|---|---|
| RBI Ombudsman | File complaint against Axis Bank for service negligence. |
| National Cyber Crime Portal | Report phishing, card fraud, or fake website scams. |
| Consumer Forum (E-Daakhil Portal) | File for compensation due to mental harassment and data breach. |
| CIBIL / Credit Bureau Dispute Cell | Request correction of false delinquency entries. |
| CERT-In | Report data security concerns in payment platforms like Magicpin. |
Step-by-Step Guide to File a Complaint
1. File an RBI Ombudsman Complaint
- Visit https://cms.rbi.org.in
- Select Axis Bank → “Unauthorized Transaction / Fraud”.
- Attach supporting documents, FIR copy, and communication screenshots.
2. Report on Cyber Crime Portal
- Visit https://cybercrime.gov.in
- File under “Online Financial Fraud” category.
- Mention transaction date, amount, and fraud details.
3. File a Consumer Forum Complaint
- Go to https://edaakhil.nic.in
- Select “Banking and Financial Services” → “Deficiency in Service”.
- Seek refund, CIBIL correction, and compensation for harassment.
4. Write to Axis Bank Grievance Team
Email: headservicequality@axisbank.com
Subject: Cyber Fraud Dispute – OTP-Based Phishing via Magicpin
Attach your police complaint and clearly demand reversal under RBI liability norms.
Pre-Drafted Complaint Email Template
Subject: Urgent: Unauthorized ₹50,000 Transaction via Magicpin – Request Refund and CIBIL Reversal
To: headservicequality@axisbank.com
Dear Axis Bank Team,
I am writing to formally dispute a fraudulent transaction of ₹50,000 on my Axis Bank credit card through Magicpin (Samast Technologies Pvt. Ltd.) in July 2024. Despite filing an official police complaint and promptly reporting the issue, I have not received a refund.
The fraud occurred through a cloned Axis Bank KYC page — a sophisticated phishing attack beyond customer control. As per RBI’s July 2017 guidelines on customer liability, the bank must refund such amounts when the system or third-party ecosystem is compromised.
I request immediate reversal of this transaction, waiver of unjustified charges, and removal of CIBIL impact. Please treat this as a formal escalation.
Sincerely,
Nikhita Motwani
About Axis Bank and Magicpin
- Axis Bank: One of India’s top private sector banks, offering credit, debit, and digital services. The bank is bound by RBI’s consumer protection guidelines on unauthorized electronic transactions.
- Magicpin (Samast Technologies Pvt. Ltd.): A cashback and deals platform that processes digital transactions via partner gateways. It must comply with IT Act data protection norms and PCI DSS standards for handling card information.
Author
Nikhita Motwani is an Accounts Receivable Analyst and former Axis Bank employee. Having worked within the banking ecosystem herself, she brings a professional perspective to this issue. Her post emphasizes how even financially literate customers can fall prey to sophisticated cyber traps when digital ecosystems lack adequate safety checks.
Q&A on Cyber Fraud & OTP-Based Scams
Q1. Who is liable for OTP-based frauds under RBI rules?
A: If the customer reports promptly, the bank bears full liability unless negligence is proven.
Q2. What is the RBI timeline for refund in unauthorized transactions?
A: 10 working days after reporting.
Q3. What if Axis Bank refuses to refund a fraud transaction?
A: File a complaint at cms.rbi.org.in and Cyber Crime Portal.
Q4. Can a cloned website look identical to a bank’s page?
A: Yes, advanced phishing attacks now replicate entire bank pages including OTP flow.
Q5. How can Magicpin be held responsible?
A: If card data was misused through its app, it may be liable under IT Act, 2000.
Q6. Can CIBIL score be corrected after cyber fraud?
A: Yes, request correction through the CIBIL dispute portal after submitting the FIR.
Q7. Is OTP entry always the customer’s fault?
A: No. If deception or cloning is proven, banks cannot shift liability.
Q8. What documents are needed for RBI Ombudsman filing?
A: FIR copy, bank response, transaction statement, and ID proof.
Q9. Can I file both cyber and consumer complaints simultaneously?
A: Yes, both can proceed independently.
Q10. What if Axis Bank delays refund beyond 30 days?
A: You can claim interest and compensation under the Consumer Protection Act.
Q11. Is it safe to link credit cards with apps like Magicpin?
A: Only if PCI DSS compliance and two-factor authentication are guaranteed.
Q12. What does “Samast Technologies Pvt. Ltd.” refer to?
A: It’s the registered company that operates Magicpin.
Q13. What is phishing in banking?
A: Fraudulent attempts to obtain sensitive data via fake websites or messages.
Q14. Can RBI penalize a bank for negligence in fraud prevention?
A: Yes, RBI can impose fines and issue public warnings.
Q15. What should I include in my Cyber Crime FIR?
A: Transaction ID, card details (masked), fraud link, and communication trail.
Q16. Can I approach NPCI for card frauds?
A: No, NPCI handles UPI/IMPS frauds. Credit card frauds go to RBI and Cyber Crime Cell.
Q17. What if I used the Magicpin app before the fraud?
A: Mention it in your report as a possible data leak vector.
Q18. Can Choice4Voice.com publish cyber fraud complaints?
A: Yes after verification, to create awareness and pressure for resolution.
Q19. Are OTP-based scams increasing in India?
A: Yes, due to cloned portals, social engineering, and poor awareness.
Q20. How can consumers stay safe?
A: Never click KYC or update links from SMS/emails always use official bank apps.
Published by:
Choice4Voice.com – India’s Trusted Consumer Advocacy Platform
Empowering citizens to fight back against cyber fraud, data leaks, and digital negligence.
