In this briefing, the claimant is a money exchange company and the defendant an insurance company. The claimant signed an insurance policy with the defendant to cover any loss resulting solely and directly from dishonest or fraudulent acts by employees.
The Branch Manager received a request from an unlisted client (“Branch Manager”), for a bankers draft for 236,000,000 Indian Rupees (“Draft”) to be made out to an Official Receiver.
Despite the Claimant protocols and the Foreign Exchange and Cheque Expectance Procedure, requiring confirmation from the bank that proceeds of cheques are received and credited to the Claimant account prior to the bank drafts being delivered, the Branch Manager drew the drafts in excess of his personal limit and did not wait until the cheque cleared prior to forwarding the drafts to the receiver…
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