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How to get back Money lost in Fraud or by mistake

Last Wednesday, a Mumbai based businessman got six missed calls on his mobile at night and the next morning he came to know that his SIM is out of service and he has lost 1.86 crore from his bank account. Such kind of frauds happen with many people every single day.

According to a report from Reserve Bank of India, in the financial year 2017-18 almost 2069 such cases came to notice and the cyber criminals looted almost 109.5 crore from people’s bank account. Now question arises that if you faced any such fraud in someday by chance, then how would you get your money back and what’s the exact procedure for this. Let’s discuss.

What’s the Procedure and Law

According to the regulations set by the Reserve Bank of India, if you lost money by chance or faced any such fraud, then you must inform the bank within three days of the incident. Then the bank will investigate on this and will try to find out the exact cause of money lost from your account.

Must Read: How to track your lost Smartphone using Google Maps

If you have by mistake transferred money to someone’s account, or someone has cheated you or some cyber criminal has hacked your account to steal money, then the bank might return you the whole amount. But certain conditions are there for this. Let’s see what.

The first step you need to take post fraud is to block your Debit card, bank account and internet banking by calling the customer care of the bank. Then you need to register a fraud case at the nearest police station. Then you need to reach the bank with the FIR copy and hand it over to the personnel there.

Now the Police will investigate the matter on the basis of your FIR and if it’s found in the investigation that you have lost money due to fraud, then the bank will repay the entire amount. But if it’s found that you have lost money due to your own mistake, then it depends on the bank if it will return your money or not. Must Read: WhatsApp will pay you 1.8 crore if you are a Startup.

Also in case of proper proof, the bank might repay all your lost money.

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