90,000+ Legal Questions Answered
Amount has been held with bank due to p2p
4 months ago
How can I recover my held amount from my bank..? 15 days back I was sell my crypto currency to one person using p2p binance that same amount was hold by cyber crime
A.Dear Client,
Incidentally, crypto currency/asset trading is neither illegal nor it is regulated by any specific legislation yet in India. The National Cyber Crime Reporting Portal(NCCRP) is an initiative of the Government of India to facilitate victims/complainants to report cybercrime including crypto currency scams or complaints online. However, when one is a victim of scams and frauds while trading in crypto currency, is advised that when any suspicious activity is detected in a trader’s exchange wallet, they should contact the customer service of that exchange, and voice their concern with the representatives as a precautionary measure to seek justice in India. So, once a cyber crime involving crypto currency trading is reported online to NCCRP, on the instruction of Cyber Crime Cell, the victim's Bank account is frozen/inoperative putting a lien on the account by the Bank and you have to wait for the completion of the investigation of the scam by the investigating agency. The length of time it takes to investigate a cybercrime can vary greatly depending on the complexity of the case, the resources available to the investigating agency, and the cooperation of the victim. you may visit the cyber crime cell of the Police for further clarifications and necessary guidance in the matter and extend your cooperation to get yourself free from cyber scams. . Section 457 of the CrPC empowers a magistrate to use their discretion to order the conditional release of the seized/frozen amount. When the victim is known, but the credentials of the criminal who created the fake accounts are unknown, in that situation, the police seek a bond from the victim to release the seized/frozen money recovered from the victim's account. You may consult with a cyber crime expert or an Advocate handling cyber laws for further guidance and suitable steps.
Incidentally, crypto currency/asset trading is neither illegal nor it is regulated by any specific legislation yet in India. The National Cyber Crime Reporting Portal(NCCRP) is an initiative of the Government of India to facilitate victims/complainants to report cybercrime including crypto currency scams or complaints online. However, when one is a victim of scams and frauds while trading in crypto currency, is advised that when any suspicious activity is detected in a trader’s exchange wallet, they should contact the customer service of that exchange, and voice their concern with the representatives as a precautionary measure to seek justice in India. So, once a cyber crime involving crypto currency trading is reported online to NCCRP, on the instruction of Cyber Crime Cell, the victim's Bank account is frozen/inoperative putting a lien on the account by the Bank and you have to wait for the completion of the investigation of the scam by the investigating agency. The length of time it takes to investigate a cybercrime can vary greatly depending on the complexity of the case, the resources available to the investigating agency, and the cooperation of the victim. you may visit the cyber crime cell of the Police for further clarifications and necessary guidance in the matter and extend your cooperation to get yourself free from cyber scams. . Section 457 of the CrPC empowers a magistrate to use their discretion to order the conditional release of the seized/frozen amount. When the victim is known, but the credentials of the criminal who created the fake accounts are unknown, in that situation, the police seek a bond from the victim to release the seized/frozen money recovered from the victim's account. You may consult with a cyber crime expert or an Advocate handling cyber laws for further guidance and suitable steps.
Helpful
Helpful
Share
A.Dear Client,
First, contact your bank about the specific reasons for the hold on your funds. Provide any relevant information and documentation related to the cryptocurrency transaction. If the issue persists, consider reaching out to the cybercrime unit or financial crime division of your local law enforcement agency. Report the incident, provide details of the transaction, and request assistance in resolving the matter.
Simultaneously, reach out to the platform you used for the cryptocurrency transaction, such as Binance. Explain the situation, share relevant transaction details, and seek their support in resolving the issue. Additionally, consult with a legal professional who specializes in cryptocurrency transactions and financial disputes. They can guide you on the appropriate legal steps to take and help navigate the complexities of recovering your held funds. Swift and proactive communication with both your bank and the relevant authorities is crucial in resolving such issues effectively.
First, contact your bank about the specific reasons for the hold on your funds. Provide any relevant information and documentation related to the cryptocurrency transaction. If the issue persists, consider reaching out to the cybercrime unit or financial crime division of your local law enforcement agency. Report the incident, provide details of the transaction, and request assistance in resolving the matter.
Simultaneously, reach out to the platform you used for the cryptocurrency transaction, such as Binance. Explain the situation, share relevant transaction details, and seek their support in resolving the issue. Additionally, consult with a legal professional who specializes in cryptocurrency transactions and financial disputes. They can guide you on the appropriate legal steps to take and help navigate the complexities of recovering your held funds. Swift and proactive communication with both your bank and the relevant authorities is crucial in resolving such issues effectively.
Helpful
Helpful
Share
Read Related Answers
How to recover money from telegram task scam
Dear Client,
In case of an online telegram scam, you need to file a complaint to the National Cyber Crime Reporting Portal (NCCRP) or to the nearest cyber cell. On receipt of the complaint, the Cyber...
Data entry scam
Dear client,
This kind of online data entry/work-from-home jobs are being offered and operated by Fraudster companies/entities to extort money from unemployed youths. So, on receipt of such an unethi...
Crypto mining fraud
Dear Client,
In the given scenario, file a complaint(GD) or FIR against the fake company that is running fraudulent transactions on vague assurance to rob the money of the general public at the local...
Irrelevant freezing of bank account
Dear Client
Account freeze due to cybercrime is on the rise and police has no choice but to freeze the account or mark lien whenever they receive a complaint. This is their first step t protect the vi...
Data entry fraud
Dear Client
Data entry frauds are very common and you need to be very careful on this.
Secondly whether this is a valid legal notice or not will depend upon the fact whether the person sending the leg...
Read Blogs on Cyber Crime
Cyber Crime Lawyers
Find Lawyers by Location
