HOW TO GET YOUR MONEY BACK THROUGH COURT AFTER FINANCIAL FRAUD

Losing money because of online or financial fraud can be very stressful. Many people do not know what to do after they become a victim of fraud. Usually, the first step is to inform the bank and report the fraud to the cybercrime authorities or police.In some cases, the money can be traced. If the money is still available in the account where it was sent, the bank or concerned authorities may freeze the amount or put it on hold to stop it from being withdrawn or transferred further. However, there is one important thing that every victim should understand. Even if the money has been frozen, it may not automatically be returned to the victim. In such cases, the victim may need to follow the proper legal process and approach the competent court or authority to request the release or return of the money.

WHAT IS CYBER FRAUD ?

Cyber fraud refers to any form of cheating or financial fraud carried out through the internet, mobile phones, computers, or other digital platforms. Fraudsters may use fake calls, messages, emails, websites, social media accounts, or mobile applications to steal money, banking details, or personal information.

COMMON TYPES OF CYBER FRAUD

WHAT HAPPENS AFTER A FINANCIAL FRAUD IS REPORTED?

When you report a financial fraud, the concerned authorities may investigate the transaction and try to trace where the money has gone. If the money is found in another bank account and is still available, steps may be taken to prevent the account holder from withdrawing or transferring it further. The amount may then be frozen, put on hold, or restricted from further transfer. However, freezing the money is only one part of the process, and the victim may still need to take the appropriate legal steps to seek the release and return of the amount.

WILL FROZEN MONEY AUTOMATICALLY COME BACK TO YOU?

Not always, many people believe that once their money is frozen, it will automatically be returned to their bank account. However, freezing the money and returning it to the victim are two separate processes. Freezing simply prevents the money from being withdrawn or transferred further. Depending on the facts of the case, the victim may need to take further legal steps and approach the appropriate court or authority to seek an order for the release or return of the amount.

HOW CAN YOU GET FROZEN MONEY BACK THROUGH COURT?

The legal process for recovering frozen money may vary depending on the facts of each case. However, if the money has been traced and frozen, the following steps may generally be involved:

1. Understanding the Status of Your Money

The first step is to understand what has happened to the money lost in the fraud. It is important to determine whether the amount has been successfully traced, frozen, put on hold, transferred to another account, seized, or is still under investigation. The further legal process will depend on the current status and location of the money.

2. Collecting the Required Documents and Evidence

All documents related to the fraudulent transaction should be collected and properly organised. These may include bank statements, transaction details, UTR or transaction IDs, cybercrime complaints, police complaints or FIRs, screenshots, emails, WhatsApp messages, and other relevant evidence. Proper documentation can help establish the details of the transaction and support the request for the return of the money.

3. Filing an Appropriate Application Before the Competent Court

Depending on the facts and circumstances of the case, it may be necessary to file an appropriate application before the competent court or authority for the release or return of the frozen amount.

The application may include details regarding:

• How the fraud took place
• The date and details of the transaction
• The amount involved
• The account or UPI ID to which the money was transferred
• Details of the cybercrime or police complaint
• The current status of the traced or frozen amount
• The reason and basis for seeking the return of the money

4. Court Proceedings

After the application is filed, the competent court or authority may examine the documents, evidence, and other information related to the case. The status of the investigation and the submissions of the concerned parties may also be considered. Based on the facts of the case and the applicable legal procedure, the court or authority may pass an appropriate order.

5. Release or Return of the Money

If an appropriate order is passed for the release or return of the amount, the concerned bank or authority may take further action in accordance with that order. Additional documents, verification, or other formalities may be required before the money is released or credited back to the victim’s account.

WHY SEEK PROFESSIONAL LEGAL ASSISTANCE?

CONCLUSION

Financial fraud does not always mean your money is lost forever. If funds are traced or frozen, timely legal action may help in seeking their release and recovery. CorpBuddy, Raipur can assist with documentation, legal applications, and procedural guidance to help victims take the right steps towards recovering their money.

WRITTEN BY MAHI VERMA (BALLB 4TH YEAR)