CAN I GET MY MONEY BACK IN CASE OF FINANCIAL FRAUD?

In the present era of digitalization which makes our life easier and having various other advantages, also makes us more vulnerable to the online fraud. As many peoples had faced the financial fraud during the last few years, here is still a way to get your money back even after the deduction of money from your bank account.

You have to do the below actions immediately after the fraud happens to get back your money:

1. Reporting of Fraud to your Bank

If the victim informs the bank within a stipulated amount of time (3 days) of financial fraud, the onus falls on the bank to prove the customer has not been a victim of the fraud. Earlier the customer had to prove that he/she was the victim.

As per the RBI Circular, if the fraud is reported within 3 days, no liability lies with the victim. If it is reported within 3-7 days, the bank refunds the transaction amount or the maximum liability amount, whichever is lower. If reported after 7 days, depends on the bank's policy.

So it is important to remain vigilant and to report the fraud as soon as possible.

2. File a Complaint with Cyber Crime Authorities by seeking help of Advocates:

First of all, you are advised to file an Online complaint and report the fraud on National Cyber Crime Reporting Portal through the link https://cybercrime.gov.in/ maintained by the Indian Government and provide as much detail as possible, including transaction records, communication with the fraudster, and any other relevant information.

3. File a Police Complaint:

Thereafter it is advised to visit the local police station to file a formal complaint. Provide them with copies of all documentation related to the fraud, including bank statements, transaction records, and any communication with the fraudster. Ensure that you obtain a copy of the First Information Report (FIR) or complaint registration number for future reference.

4. Report to the Reserve Bank of India (RBI):

If the fraud involves a banking institution regulated by the RBI, you can report the incident to the RBI through their website or by contacting their helpline. The RBI may also provide guidance on further steps to take.

5. Seek Legal Assistance: Consider consulting with a lawyer specializing in cybercrime or consumer protection law for further guidance. They can advise you on your rights and legal options for pursuing compensation or restitution and for any legal assistance you may also contact us at support@pinnaclelawchambers.com

By Hritik Mehta

CS, LL.B., M.Com