Wrong Transaction
7 months ago
Respected sir by mistake I had transferred an Amount to a Wrong beneficiary.When I contacted Bank the bank informed me that the beneficiary is a deceased and he has taken a Overdraft Facility from bank which he has not paid.His Account is NPA so they cannot reverse my transaction until his family member clear bank dues.What can I do can you please help.
A.Dear Client,
If you have wrongly transferred the payment to the beneficiary whose account is marked NPA for which the Bank cannot reverse the amount that has been transferred, you can always file a written complaint with the bank. As per the Reserve Bank of India's guidelines, it is the responsibility of the remitter to provide the correct beneficiary account number and details while making payment. Hence, in case of a wrong transfer to an account, only the remitter is responsible and liable. Wrongly transferred money cannot be easily reversed without the consent of the wrong beneficiary. To get the money back, the beneficiary has to accept that a wrong transaction is made. In case a wrong beneficiary fails to return the money back, then a written complaint must be lodged immediately with the concerned Bank(s). Then a Lawyer can be engaged to provide a legal notice to the wrong beneficiary, requesting that the money be transferred back. If he or she refuses to give the money back, even after a Legal notice, then legal action can be initiated, though its an expensive and time-consuming route for resolution. Hence, it's best to employ a legal route, only if the sum involved in large enough to warrant the legal expense and time. So, contact a Lawyer for more consultation about the wrong money transfer and tentative legal action to get the money back.
If you have wrongly transferred the payment to the beneficiary whose account is marked NPA for which the Bank cannot reverse the amount that has been transferred, you can always file a written complaint with the bank. As per the Reserve Bank of India's guidelines, it is the responsibility of the remitter to provide the correct beneficiary account number and details while making payment. Hence, in case of a wrong transfer to an account, only the remitter is responsible and liable. Wrongly transferred money cannot be easily reversed without the consent of the wrong beneficiary. To get the money back, the beneficiary has to accept that a wrong transaction is made. In case a wrong beneficiary fails to return the money back, then a written complaint must be lodged immediately with the concerned Bank(s). Then a Lawyer can be engaged to provide a legal notice to the wrong beneficiary, requesting that the money be transferred back. If he or she refuses to give the money back, even after a Legal notice, then legal action can be initiated, though its an expensive and time-consuming route for resolution. Hence, it's best to employ a legal route, only if the sum involved in large enough to warrant the legal expense and time. So, contact a Lawyer for more consultation about the wrong money transfer and tentative legal action to get the money back.
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A.Dear Client,
I understand that you have transferred an amount to a wrong beneficiary and now you are unable to reverse the transaction due to the beneficiary's account being classified as a Non-Performing Asset (NPA) by the bank. In this case, there are certain steps you can take to resolve the situation.
Firstly, you can approach the bank and request them to provide you with the contact details of the beneficiary's family members. You may then try to reach out to the family members and explain the situation to them. If they are willing to cooperate, they can approach the bank and clear the outstanding dues of the deceased beneficiary. Once the dues are cleared, the bank is likely to agree to reverse the transaction and credit the amount back to your account.
If the family members are unwilling or unable to clear the dues, you can consider taking legal action to recover the transferred amount. Under the Indian law, Section 420 of the Indian Penal Code (IPC) deals with cheating and dishonestly inducing delivery of property. If the beneficiary intentionally deceived you or manipulated the situation leading to your mistaken transfer, you may file a criminal complaint against them under this section.
It is important to note that legal proceedings can be time-consuming and expensive. Therefore, it is advisable to initially try and resolve the matter amicably with the bank and the beneficiary's family members. If that does not yield satisfactory results, you may then consider seeking legal recourse.
Thank you.
I understand that you have transferred an amount to a wrong beneficiary and now you are unable to reverse the transaction due to the beneficiary's account being classified as a Non-Performing Asset (NPA) by the bank. In this case, there are certain steps you can take to resolve the situation.
Firstly, you can approach the bank and request them to provide you with the contact details of the beneficiary's family members. You may then try to reach out to the family members and explain the situation to them. If they are willing to cooperate, they can approach the bank and clear the outstanding dues of the deceased beneficiary. Once the dues are cleared, the bank is likely to agree to reverse the transaction and credit the amount back to your account.
If the family members are unwilling or unable to clear the dues, you can consider taking legal action to recover the transferred amount. Under the Indian law, Section 420 of the Indian Penal Code (IPC) deals with cheating and dishonestly inducing delivery of property. If the beneficiary intentionally deceived you or manipulated the situation leading to your mistaken transfer, you may file a criminal complaint against them under this section.
It is important to note that legal proceedings can be time-consuming and expensive. Therefore, it is advisable to initially try and resolve the matter amicably with the bank and the beneficiary's family members. If that does not yield satisfactory results, you may then consider seeking legal recourse.
Thank you.
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A.Dear Client
You will have to send a legal notice to that bank through a lawyer and after that you may have to file a case against the bank to recover your money.
You will have to send a legal notice to that bank through a lawyer and after that you may have to file a case against the bank to recover your money.
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