Axis Bank May Issue Legal Notices for Unsettled Negative Reward Points Balances

[bargainHunter]

Concealing by users point is so laughable. Axis literally realtime had all the txn details, refunds, conversion to emi etc.

 

[ash_m]

Sure, I'll stop repeating myself. Its not fraud. Those 72 people just randomly decided to order and cancel crores of orders and at the same time the loophole was open. Just a crazy coincidence.

They closed the account with NOC after the loop was patched because again no intention to conceal anything.

It shouldn't have given points if it wanted them back. 200% their fault. Mistakes don't ever happen in this world. And there is no legal recourse for mistakes. Nothing called statute of limitations or mistake of facts or unilateral mistakes.

Yeah, Axis big bad idiot bully. Definitely avoid it. Everyone should close their Atlas and Olympus and Magnus Burgundy and Burgundy Private. 100% or Axis will come to bully you.

Yeah, Axis is bluffing cause it can send legal notice but didn't. You can't wake up someone who's pretending to be asleep.

Axis will learn soon. The d**do of consequences rarely arrives lubed.

You win.

@Copycat Please stop hurting him by asking such questions.

 

[Pinky]

Sorry, I disagree. You keep repeating the same, again and again, that what they did was a fraud. You keep failing to show how it is a fraud. Just because you think it is a fraud doesn't make it a fraud in the eyes of the law
1) They are well within their rights to cancel orders. the quantum of orders or cancellations doesn't matter. Also their past and future (as in after the cancellations) ordering behaviour doesn't matter for reasons I pointed out earlier
2) They are under no obligation to inform Axis to take back the points
3) They have not attempted to conceal any facts. The very act of cancelling the order would have resulted in a credit to the CC account, which Axis could very well see

Axis has exhibited utter negligence in not reclaiming the points in the first place. Axis made its error worse by issuing NOCs. It then dug itself into a bigger hole by attempting to recover points at the rate of 40p when its own terms and conditions state the monetary value of an ER point as 20p

Please point out which specific act of the exploiters constitutes a fraud, in the legal sense of the term "fraud". Or if you have already answered it please point out where. If you are unaware of what a fraud is, in a legal sense, please refer to this https://indiankanoon.org/doc/299780/ & this https://www.lawyersclubindia.com/articles/criminal-fraud-vs-civil-fraud-14863.asp

Axis very well knows that it has not much of a case. Because of point 3 above, i.e. it was evident to Axis that the transaction was cancelled, the case would be thrown out of court. Which is why it is trying the bluff & bully route. If Axis had the faintest hope of winning, it would already have sent legal notices for recovery. Legal notices don't cost anything when you have lawyers on the roll. And merely sending a legal notice does not place any burden on the sender of the notice.

You seem to be knowledgeable and your comments are logical as well as rational,

I have one theory going on in my for so many days , pls let me know about this different angle also that Axis and staff would have benefitted with this Glitch or not?

✅ More Credit Card Sign-ups – Axis Bank gave extra reward points to customers, which made the credit card look very attractive. More people applied for Axis credit cards, thinking they would get huge benefits.

✅ Inflated Financial Reports – When people did transactions (even if later canceled), Axis Bank recorded them as business growth. This made their quarterly financial reports look stronger than they actually were.

✅ Stock Price Manipulation? – If the financial reports showed high growth, investors trusted the bank more and bought shares. This could have increased Axis Bank’s stock price, benefiting top executives who owned company shares or received performance-based bonuses.

✅ Merchant Fee Earnings – Even when transactions were later canceled, Axis may have charged fees to merchants for processing those transactions. This means the bank earned money without actually providing a real service.

 

[aaa1]

You seem to be knowledgeable and your comments are logical as well as rational,

I have one theory going on in my for so many days , pls let me know about this different angle also that Axis and staff would have benefitted with this Glitch or not?

✅ More Credit Card Sign-ups – Axis Bank gave extra reward points to customers, which made the credit card look very attractive. More people applied for Axis credit cards, thinking they would get huge benefits.

✅ Inflated Financial Reports – When people did transactions (even if later canceled), Axis Bank recorded them as business growth. This made their quarterly financial reports look stronger than they actually were.

✅ Stock Price Manipulation? – If the financial reports showed high growth, investors trusted the bank more and bought shares. This could have increased Axis Bank’s stock price, benefiting top executives who owned company shares or received performance-based bonuses.

✅ Merchant Fee Earnings – Even when transactions were later canceled, Axis may have charged fees to merchants for processing those transactions. This means the bank earned money without actually providing a real service.

Ohh shit here we go again...

 

[kiwi]

Final what happened to those 72 people