Account marked as Lien
1 month ago
2 years back I sold USDT(cryptocurrency) online for the amount of 70k, I have sell proof also. But cyber crime directed my bank to mark as freeze as the buyer has bought with fraud money. I sent plenty of emails to respective police station with sell proof . They are not responding
A.Dear Client,
Cryptocurrency/asset trading is not illegal in India, nor is it regulated by specific legislation. The National Cyber Crime Reporting Portal (NCCRP) is an initiative of the Government of India to enable victims/complainants to report cybercrimes, including cryptocurrency scams or complaints, online.
Once a cybercrime involving cryptocurrency trading is reported to the NCCRP, the victim's bank account may be frozen or made inoperative by the bank, with a lien placed on the account, upon instructions from the Cyber Crime Cell. The victim must then await the completion of the investigation by the investigating agency.
The duration of the investigation can vary greatly based on factors such as the complexity of the case, the resources available to the investigating agency, and the cooperation of the victim. It's essential to note that any earnings or gains from fraudulent transactions may subject the individual to legal consequences if proven during the investigation of the scam.
Section 457 of the Criminal Procedure Code (CrPC) empowers a Magistrate to exercise discretion in ordering the conditional release of the frozen amount in a cyber scam. In such cases, the police may require an indemnity bond from the victim, wherein the victim declares that they will pay 1.5 times the refunded amount to the bank if their claim is found to be false or if other claims are made on the amount.
Cryptocurrency/asset trading is not illegal in India, nor is it regulated by specific legislation. The National Cyber Crime Reporting Portal (NCCRP) is an initiative of the Government of India to enable victims/complainants to report cybercrimes, including cryptocurrency scams or complaints, online.
Once a cybercrime involving cryptocurrency trading is reported to the NCCRP, the victim's bank account may be frozen or made inoperative by the bank, with a lien placed on the account, upon instructions from the Cyber Crime Cell. The victim must then await the completion of the investigation by the investigating agency.
The duration of the investigation can vary greatly based on factors such as the complexity of the case, the resources available to the investigating agency, and the cooperation of the victim. It's essential to note that any earnings or gains from fraudulent transactions may subject the individual to legal consequences if proven during the investigation of the scam.
Section 457 of the Criminal Procedure Code (CrPC) empowers a Magistrate to exercise discretion in ordering the conditional release of the frozen amount in a cyber scam. In such cases, the police may require an indemnity bond from the victim, wherein the victim declares that they will pay 1.5 times the refunded amount to the bank if their claim is found to be false or if other claims are made on the amount.
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A.Dear Client,
Incidentally, cryptocurrency/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 cryptocurrency scams or complaints online. So, once a cyber crime involving cryptocurrency 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. Any earnings or gains arising out of fraudulent transactions may liable you to face legal consequences if proven on investigation of the scam. Section 457 of the CrPC empowers a Magistrate to use their discretion to order the conditional release of the amount frozen under cyber scam. In this situation, the police seek an indemnity bond from the victim who needs to declare that he/she will pay 1. 5 times the refunded amount to the bank in case his/her claim is false or if other claims are made on the amount. If required, you may take the service of an Advocate for guidance and steps. You may consult with a cyber crime expert for further guidance and steps.
Incidentally, cryptocurrency/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 cryptocurrency scams or complaints online. So, once a cyber crime involving cryptocurrency 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. Any earnings or gains arising out of fraudulent transactions may liable you to face legal consequences if proven on investigation of the scam. Section 457 of the CrPC empowers a Magistrate to use their discretion to order the conditional release of the amount frozen under cyber scam. In this situation, the police seek an indemnity bond from the victim who needs to declare that he/she will pay 1. 5 times the refunded amount to the bank in case his/her claim is false or if other claims are made on the amount. If required, you may take the service of an Advocate for guidance and steps. You may consult with a cyber crime expert for further guidance and steps.
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