Release of Funds from Freezed bank account
4 weeks ago
Hi, I have lost my amount due to online investment fraud which happened in oct last year. I had approached cyber crime and also to court through lawyer for the same. Police have taken action to freezed the amount to the transferred bank and provided freezed amount list to court and got the same i had got release order from court to release the freezed amount from bank account to my account.
Here is the problem its been 3 months from getting release order from court and till now only 40% of my freezed amount is release from bank and for remaining freezed amount
it seems bank managers are not responding to release my freezed amount. What I can do for this .. May i know if there any timelines for bank managers to take action quickly . What can be next steps to get remaining 60% of freezed amount. Please help
Thanks
A.Dear Client,
Section 457 of the Criminal Procedure Code (CrPC) allows a Magistrate to order the conditional release of funds frozen under a cyber scam. In such cases, the police typically request a bond from the victim, who must declare their willingness to pay 1.5 times the refunded amount to the bank if their claim is found false or if other claims arise on the amount. Once the bond is submitted, the Magistrate can execute an order to release the frozen amount to the victim.
However, even after receiving the Court's Order and the recommendation of the Cyber Cell directing the Bank to release the seized money, the Bank has the authority to conduct its own investigation into the fraud transaction, following RBI Guidelines. As per these guidelines, if the customer is found at fault for sharing sensitive information like OTP or CVV with an unauthorized person, they will be liable for the losses due to their negligence.
To obtain a refund of the seized money from the Bank, the victim must provide substantial evidence supporting their claim of innocence. If necessary, seeking the guidance of an Advocate or a cyber law expert is recommended to navigate the process effectively.
Section 457 of the Criminal Procedure Code (CrPC) allows a Magistrate to order the conditional release of funds frozen under a cyber scam. In such cases, the police typically request a bond from the victim, who must declare their willingness to pay 1.5 times the refunded amount to the bank if their claim is found false or if other claims arise on the amount. Once the bond is submitted, the Magistrate can execute an order to release the frozen amount to the victim.
However, even after receiving the Court's Order and the recommendation of the Cyber Cell directing the Bank to release the seized money, the Bank has the authority to conduct its own investigation into the fraud transaction, following RBI Guidelines. As per these guidelines, if the customer is found at fault for sharing sensitive information like OTP or CVV with an unauthorized person, they will be liable for the losses due to their negligence.
To obtain a refund of the seized money from the Bank, the victim must provide substantial evidence supporting their claim of innocence. If necessary, seeking the guidance of an Advocate or a cyber law expert is recommended to navigate the process effectively.
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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. 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. 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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