The consumer commission penalized the financial institutions for gross deficiency in service after they pursued Daljeet Singh for a fraudulent Rs 30,000 credit line. The lenders ignored his initial disputes and police report, continuing to issue legal notices and recovery threats. CapFloat later determined the loan was an account takeover fraud and waived the debt, but the forum noted these actions arrived far too late to spare the victim distress. Consequently, the lenders must provide financial compensation, clear the consumer's balance, and correct his credit records.
Key points
The consumer commission ruled that pursuing collections for fraudulent debts constitutes…: The consumer commission ruled that pursuing collections for fraudulent debts constitutes a gross deficiency in service.
The complaint against Amazon Pay India was officially dismissed by the district consumer…: The complaint against Amazon Pay India was officially dismissed by the district consumer forum.
Lenders are legally required to confirm zero outstanding balances and rectify damaged cre…: Lenders are legally required to confirm zero outstanding balances and rectify damaged credit records caused by unauthorized loan facilities.
Sources checked by our analysis pipeline: 1
NEW DELHI: A consumer commission in Chandigarh has held two lenders responsible for the harassment of a man who was pursued for a Rs 30,000 loan he says he never took. The loan was later found to be unauthorised. The commission directed CapFloat Financial Services, which operates under the brand name Axio, and Karur Vysya Bank to confirm he owes nothing, correct his credit record, and pay him Rs 25,000 as compensation and Rs 10,000 as litigation costs.
In its order dated October 27, 2026, the District Consumer Disputes Redressal Commission-I, Chandigarh, held that the conduct of the two companies amounted to “gross deficiency in service and unfair trade practice.” It dismissed the complaint against Amazon Pay India.
How the dispute arose
According to the order, the complainant, Daljeet Singh, a resident of Manimajra, received a text message in February 2024 demanding repayment of Rs 12,316 against a loan account. He said he had never applied for or availed of any such loan.
When he enquired, CapFloat officials told him a credit facility of Rs 30,000 had been provided through
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