Cyber crime victim- Unable to recover money scammed from bank
4 weeks ago
Cyber crime victim, thru telegram app. Complained to cyber police and got a court order asking bank to return the scammed amount of 10 lakh rupees. No response from bank. Reached disputes team and raised the concern, submitted all the documents and court order. After three months bank declined to return the money, since the OTP was authorised. How to proceed further?
A.Dear Client,
Section 457 of the CrPC grants Magistrates the authority to order the conditional release of frozen funds in cyber scam cases. Victims may be required to provide a bond, pledging to reimburse the bank 1.5 times the refunded amount if their claim is false or if other claims arise. To initiate this process, one can file a petition under Section 457 CrPC in the relevant court, requesting the release of frozen funds. Upon court approval and receipt of the bond, the Cyber Cell's Investigating Officer will coordinate with banks to refund the amount to victims' accounts. However, banks may conduct their own investigations per RBI guidelines. If the customer is found negligent, they may be liable for losses. Therefore, to claim a refund from the bank, victims must provide substantial evidence proving their innocence in the fraud transaction.
Section 457 of the CrPC grants Magistrates the authority to order the conditional release of frozen funds in cyber scam cases. Victims may be required to provide a bond, pledging to reimburse the bank 1.5 times the refunded amount if their claim is false or if other claims arise. To initiate this process, one can file a petition under Section 457 CrPC in the relevant court, requesting the release of frozen funds. Upon court approval and receipt of the bond, the Cyber Cell's Investigating Officer will coordinate with banks to refund the amount to victims' accounts. However, banks may conduct their own investigations per RBI guidelines. If the customer is found negligent, they may be liable for losses. Therefore, to claim a refund from the bank, victims must provide substantial evidence proving their innocence in the fraud transaction.
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A.Dear Client,
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 a 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. Once this is done, the Magistrate executes an order to release the frozen amount to the applicant victim. So, you can file a petition under Section 457 CrPC in the jurisdictional court praying for an order for the release of frozen money and following the court's order, and on receipt of the bond, the Investigating Officer of the Cyber Cell will follow up the matter with the banks and the amount is refunded to the accounts of the victims. Even on receipt of the Court's Order and the recommendation of Cyber Cell directing the Bank to release the seized money to the victim of the fraud transaction, the Bank can inquire/investigate the fraud transaction on its own level following the RBI Guidelines. As per RBI guidelines, if the customer is at fault for sharing credentials like an OTP, CVV, etc., with an unauthorized person, he/ she will have to bear the losses for his or her own negligence or fault. In that situation, you have to establish your claim before the Bank by adducing substantial proof that supports your claim of no fault on your part to get the refund of the seized money from the Bank. If required, you may take the service of an Advocate or a cyber law expert for guidance and steps
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 a 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. Once this is done, the Magistrate executes an order to release the frozen amount to the applicant victim. So, you can file a petition under Section 457 CrPC in the jurisdictional court praying for an order for the release of frozen money and following the court's order, and on receipt of the bond, the Investigating Officer of the Cyber Cell will follow up the matter with the banks and the amount is refunded to the accounts of the victims. Even on receipt of the Court's Order and the recommendation of Cyber Cell directing the Bank to release the seized money to the victim of the fraud transaction, the Bank can inquire/investigate the fraud transaction on its own level following the RBI Guidelines. As per RBI guidelines, if the customer is at fault for sharing credentials like an OTP, CVV, etc., with an unauthorized person, he/ she will have to bear the losses for his or her own negligence or fault. In that situation, you have to establish your claim before the Bank by adducing substantial proof that supports your claim of no fault on your part to get the refund of the seized money from the Bank. If required, you may take the service of an Advocate or a cyber law expert for guidance and steps
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