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Duped of 8 Lakhs: What Should I Do?

Milind

Milind Vadjikar  | Answer  |Ask -

Insurance, Stocks, MF, PF Expert - Answered on Mar 12, 2025

Milind Vadjikar is an independent MF distributor registered with Association of Mutual Funds in India (AMFI) and a retirement financial planning advisor registered with Pension Fund Regulatory and Development Authority (PFRDA).
He has a mechanical engineering degree from Government Engineering College, Sambhajinagar, and an MBA in international business from the Symbiosis Institute of Business Management, Pune.
With over 16 years of experience in stock investments, and over six year experience in investment guidance and support, he believes that balanced asset allocation and goal-focused disciplined investing is the key to achieving investor goals.... more
Asked by Anonymous - Mar 12, 2025Hindi
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I was duped of some 8L rs by fraudster and had completed the legal process where in court has ordered indusind bank and bank of Maharashtra to refund me money which is held by them..it been more than month since order was issued still no update is available from bank regarding credit back of the amount in my account.what next I should do..

Ans: Hello;

Send a reminder notice to the banks seeking time bound implementation of the Court order.

Either they may be preparing to appeal against the lower court order or it may be just a case of procedural delay.

Await their feedback before escalating to the court.

Best wishes;
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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Sir , I became a victim of cyber crime. Following legal procedure Court ordered cyber police to recover 331000/- from the freezed amount from scammers account in April'24 and cyber police sent mails to Indu Sind Bank to release the amount,but the bank kept mum. Then I lodged a complaint with PMO and RBI after writing several mails and Cyber Police also sent several reminders to the Bank. RBI took immediate action and sent mail to the bank. The entire process took more then 4 months. Finally bank informed me that only Rs 83000/- is available in scammer's account which was given to me. What a I feel is , if had the bank taken immediately action after receiving court order from cyber police, I could have been paid entire amount of Rs 331000/- Since I am in great loss because of bank delaying credit for 5 months , Should I involve again RBI to request to get me balance amount?? Your advice please.... Show quoted text
Ans: It's unfortunate that you've faced this situation. You acted correctly by involving the legal process. The bank's delay is indeed concerning.

Bank’s Delayed Response
The court’s order was clear, and the bank’s delay caused a significant loss. Timely action by the bank might have resulted in full recovery.

Consider Involving RBI Again
Given the circumstances, it would be prudent to involve RBI once more. You should explain the loss incurred due to the delay in their action. It is essential to request RBI’s intervention to ensure the bank fulfills its responsibilities.

Legal Advice Option
You may also consider consulting with a legal expert. They can guide you on whether further legal action against the bank is possible.

Final Insights
Your efforts were commendable, and your next steps should focus on accountability. Holding the bank responsible for its delay is important.

Best Regards,

K. Ramalingam, MBA, CFP

Chief Financial Planner

www.holisticinvestment.in

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