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SBI Credit Card Fraud: I Lost ₹27,748 - What Should I Do?

Milind Vadjikar | Answer |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Feb 27, 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 - Feb 25, 2025Hindi

Hello sir I got a call from a number asking to enhance credit card limit for SBI yesterday. HE TOLD ME THAT he is calling from SBI credit card department main branch Pune. He asked me to go in Google Chrome online card support. I went there and he asked me to verify your cards and you can check your increase limit instantly. While I was doing so, that site shows my otp was not verified. Again he asked me for my second card details while I was doing so I found message of deduction of 18018, 4925 and 4805 respectively for Amazon India, blunt it and blim communication. I told that person he told me that this is may be bank hold your limit for some time. You will see your limit increase by tomorrow. I asked him to refund my money. They he told if I was a fraud why should I talk to you. Sir don't worry you will get your money back. Again I asked him then he threatening me if you will hipper than I will disconnect the line and he disconnected. Within half an hour I report to cyber crime which actually not supported. They cut the call 6-7 time. And I connected to sbi credit card customer care and block my card and raise a dispute for the transaction. Please guide me for further, as today I called both of them they replied that your money go to amazon and product is delivered so you will not get any refund. Go and do FIR you may got that account details.

Ans: Hello;

Please file FIR with cyber cell(helpline no. 1930)/local Police immediately.

Inform RBI and SBI about the fraud and seek help for refund.

Please be vey careful and cautious.

Never share your personal details, OTP etc on public platforms and phone calls/messages.

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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Question by sunil - Jan 26, 2024Hindi

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I am not having any SBI debit card but daily I am receiving message to pay an amount of rs10372.54for last few years. I had written several mails to concerned AGMMumbai regarding the same and as per his message it was forwarded for na.Still I am receiving sms to pay the above said amount.I had even complained in the sbicard chargeback.com site regarding the same dozen times but in vain.I am not getting any proper reply except the standard ones. Even the name is not correct{bearing someone else name} and also I do not have the card no which I mentioned in every communication to SBI. Pl advise what option is left for me. I had also visited SBI regarding the same but they said contact SBI card section.

Ans: It sounds like you're facing a frustrating situation with recurring messages about a payment for an SBI debit card that you don't have. Despite your efforts to contact the concerned parties and raise the issue through multiple channels, you haven't received a satisfactory resolution.

At this point, since you've already contacted both the AGM in Mumbai and lodged complaints through the SBI card chargeback website without success, you may want to explore additional steps to resolve the issue:

Escalate the Matter: Consider escalating your complaint within SBI's hierarchy. You can try reaching out to higher authorities or different departments within SBI, such as customer service or dispute resolution, to seek further assistance.

Legal Assistance: If the issue persists despite your efforts and continues to cause inconvenience or distress, you may consider seeking legal advice or assistance. A legal expert can provide guidance on your rights and options for resolving the matter through legal channels.

Consumer Protection Agencies: Contact consumer protection agencies or ombudsman services that deal with banking-related grievances. They may be able to intervene on your behalf and facilitate a resolution with the bank.

Credit Reporting Agencies: If the incorrect information is affecting your credit score or financial standing, you can contact credit reporting agencies to dispute any inaccuracies and request corrections to your credit report.

Document Everything: Ensure you keep records of all your communication attempts, including emails, complaint reference numbers, and any responses received. This documentation can be valuable if you need to provide evidence or pursue further action.

Ultimately, persistence and patience may be necessary as you navigate the process of resolving this issue. Keep advocating for yourself and exploring different avenues until you achieve a satisfactory outcome.

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Mutual Funds, Financial Planning Expert - Answered on Jul 12, 2024

Asked by Anonymous - Jul 08, 2024Hindi

Money

Hello A few years ago I was given an SBI credit card saying it will be free renewal. When they started levying a renewal fee I cancelled it, and they said they will cancel the charge and I can continue using it. I have a main credit card with another bank, so I haven’t used the SBI credit card at all for the last couple of years. A few weeks ago I noticed that there was a Rs 2700 levy on the SBI card, and was given a deadline to make the payment. I decided to cancel it again, but the phone executive who called me after I applied for cancellation said they will cancel this charge and if I can continue to use the credit card. Then I got a message that my request for waiver of this fee has been rejected and to pay this amount. This charge of Rs 2700 is renewal fee + late fee for not paying it + penalty, it is not for any transaction that I defaulted on. Now I have got another message from SBI Card saying if I don’t make this payment of Rs 2700, they will pass on my information to credit rating agencies for downgrading me. I have not defaulted on a payment in my life. This amount SBI Cards is claiming is not a default on my transaction, but a renewal fee they levied, and when I didn’t want to renew my card by paying it they added late fees and then penalty on the whole thing. How do I get out of this? Please help

Ans: First, I empathize with the frustration you're experiencing. It can be distressing to deal with unexpected charges, especially when they can impact your credit score. You’re not alone in this; many people face similar issues with credit card companies. Here’s a step-by-step approach to resolving this situation.

Steps to Resolve the Issue
1. Gather Documentation

Collect all the communication you have received from SBI Cards. This includes emails, SMS messages, and any written correspondence. Also, have a record of your cancellation request and their responses.

2. Contact Customer Service

Contact SBI Cards customer service once more. Explain the situation clearly and provide all the details. Ask them to escalate your issue to a higher authority or the grievance redressal department.

3. Write a Formal Complaint

If the phone call doesn't resolve your issue, write a formal complaint. Address it to the grievance redressal officer of SBI Cards. Include:

Your card details (without sharing sensitive information like the full card number)
The timeline of events
The fact that you were promised a fee waiver
Copies of any relevant communication
A clear request for the fee and penalties to be reversed
Send this complaint via email and registered post to ensure it is received and documented.

4. Approach the Banking Ombudsman

If SBI Cards does not resolve your issue within 30 days, you can escalate the matter to the Banking Ombudsman. The Ombudsman is a quasi-judicial authority set up to resolve customer complaints against banks. To file a complaint with the Ombudsman:

Visit the RBI Banking Ombudsman website.
Select the appropriate jurisdiction.
Fill out the online complaint form, including all details and attaching your documentation.
5. Check Your Credit Report

Regularly monitor your credit report. You can get a free credit report once a year from each of the credit bureaus (CIBIL, Equifax, Experian, CRIF High Mark). Check if the disputed amount has affected your score.

6. Legal Advice

If the issue persists, consider seeking legal advice. A lawyer specializing in consumer rights can guide you on the next steps and potentially send a legal notice to SBI Cards.

Preventive Measures for the Future
1. Cancel Unused Cards Properly

Always ensure that you receive a confirmation of cancellation in writing. Keep a record of this confirmation for future reference.

2. Monitor Your Accounts

Regularly check your credit card statements and accounts, even for cards you don’t frequently use. This helps you catch any unexpected charges early.

3. Understand Terms and Conditions

Before accepting any credit card or service, carefully read and understand the terms and conditions, especially regarding fees and renewal charges.

Final Insights
Dealing with credit card companies can sometimes be challenging. However, by following a systematic approach, documenting all communications, and escalating issues when necessary, you can resolve such disputes. It’s crucial to act promptly to prevent any negative impact on your credit score. Stay persistent and assertive in your communications with SBI Cards, and don't hesitate to escalate the matter if you don't receive a satisfactory resolution.

Best Regards,

K. Ramalingam, MBA, CFP

Chief Financial Planner,

www.holisticinvestment.in

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Mutual Funds, Financial Planning Expert - Answered on Aug 22, 2024

Question by Yashvir - Aug 22, 2024Hindi

Money

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

Ramalingam Kalirajan |10902 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Nov 06, 2024

Question by Harshal - Oct 27, 2024Hindi

Money

Sir,I became to cyber fraud in regards to Telegram Prepaid Task where I was deceived and manipulated by the fraudsters under their false pretenses that they were offering me a part time work from home job .I transferred Rs 86000/- to them.I reported to the same to my Indian Bank within 3 days according to RBI guidelines via a phone call to my branch manager but he did not take my complaint initially over the phone and rudely said to visit branch.then on the 4th day I visited branch along with necessary documents and police complaint copy and a written application informing the details of fraud transaction.I also got shadow reversal in account of Rs86000/- which was reflecting as a hold or lien balance in my account then I was to advised by the manager to wait for 1 or 1 and a half month till the investigation gets completed and then he will verify the same and credit the same into my account but they did not do anything for 1 month 6 days till I again visited branch to know that the said manager got transferred to another branch and new assigned branch manager did not knew anything I again submitted a complaint and then they raised a charge back which was rejected by the beneficiary bank stating that there is no balance in the beneficiary or fraudsters account .I complained to RBI but even RBI supported bank and held me responsible and now bank also closed and rejected my claim and that shadow reversal also has been reversed by them..what shall I do?

Ans: I'm truly sorry to hear about your experience with this fraud. Cyber scams, especially in the name of part-time jobs, have become increasingly common. While you've followed the required steps, the response from the bank and RBI can be frustrating. Here’s a structured approach to help you pursue your case further:

1. File an FIR with the Cyber Crime Police Station
Since you've already filed a police complaint, ensure it’s registered as an FIR (First Information Report) if it wasn’t initially.

Visit the Cyber Crime Police Station in your city or use the National Cyber Crime Reporting Portal (cybercrime.gov.in). Online reports are also possible.

Cyber crime units often coordinate directly with banks, so they might offer additional support. The sooner they receive the full complaint, the better the chance to trace the transaction trail.

2. Gather Complete Documentation
Compile all relevant documents: initial complaints to the bank, emails, SMS messages, screenshots of Telegram conversations, bank statements showing the transaction, RBI complaint letters, and any other related correspondence.

This documentation will provide a thorough record of events, which is helpful for authorities and any additional escalations you make.

3. Escalate with the Banking Ombudsman
File a complaint with the Banking Ombudsman under the Reserve Bank of India if you haven't done so already. This is a separate avenue that might yield a different result.

To initiate, visit the RBI’s Banking Ombudsman page and follow the complaint process. Ensure your complaint is detailed, mentioning dates, bank interactions, and the specific RBI guidelines under which you initially acted.

4. Send a Legal Notice to the Bank
If the Banking Ombudsman process does not yield results, you may consider sending a legal notice to the bank. This may compel them to reconsider their stance.

Contact a lawyer who specializes in consumer or banking matters. The lawyer will draft a legal notice mentioning the bank's failure to act as per the initial commitment made by the branch manager.

Sometimes, this step pushes banks to act, as they prefer to avoid further legal disputes.

5. Approach the Consumer Forum
If the above steps don’t help, you may consider filing a complaint with the Consumer Disputes Redressal Forum in your district or state.

Since you suffered financial loss due to what may be considered negligence or delay from the bank's side, the Consumer Forum might provide some relief or compensation.

Provide all documentation and details, especially focusing on the timeline of events and the initial shadow reversal placed on your account.

6. Alert the Cyber Cell and RBI Ombudsman about Fraud Trends
To help prevent further fraud, report this Telegram scam with details to the Cyber Cell and the RBI fraud department. This may lead to a warning to banks about specific types of scams, potentially benefitting other customers in the future.
7. Stay Cautious of Follow-up Scams
Fraudsters sometimes target those affected by previous scams with promises of refunds. Stay cautious about any unsolicited communication that claims to assist with recovering the funds for an additional fee or transaction.
Finally: Be persistent and patient as you follow each step. Given the increasing number of cyber fraud cases, authorities are becoming more proactive in tackling these issues, but the process can be lengthy.

Best of luck with your efforts, and I hope your funds are recovered soon.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

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Focus in any area of Life comes only when you realize WHY you are doing WHAT you are doing in that area.
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All the best!
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Drop in: www.unfear.io
Reach me: Facebook: anukrish07/ AND LinkedIn: anukrishna-joyofserving/

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Ans: I assume you an IT Professional encourage you to pick up new skills that your company is going on for. At 48 that may be an easier option rather getting into a business. Best to protect your savings until you think you are fully ready to take business risk.

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Use your interview experience to learn about what went well. Build on it. And what didn't and make up those shortcomings.

Looks like you opted and applied for programming jobs without much exposure. If that assumption is correct, don't go that route. Instead look forward pur mech Engg jobs. Pick programming skills in the coming years and then make a move.

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Ans: Dear Murari,
I don't understand how your parents can sign the papers by which you are separated from your wife.
One thing is clear, you seem to take no effort in making major decisions of your life. Marriage, work...this concerns you and you need to STEP UP and take decisions; whether the decisions are favorable or not is something you will learn over a period of time.
As of now, focus on getting a steady job and then you decide when and if you wish to get married. If you continue to act emotionally unsure, someone else will step in and make all decisions for you...

All the best!
Anu Krishna
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Drop in: www.unfear.io
Reach me: Facebook: anukrish07/ AND LinkedIn: anukrishna-joyofserving/

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So my company is saying me to go 1 month before my notice period ends what can I do in this situation

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Financial Planner, MF, Insurance Expert - Answered on Dec 18, 2025

Asked by Anonymous - Dec 16, 2025Hindi

Money

Dear Naveen sir, I am 48 year having privet Job. I have started investment from 2017, current value of investment is 82L and having monthly 50K SIP as below. My goal to have 2.5Cr corpus at the age of 58. Please advice... 1. Nippon India small cap -Growth Rs 5,000 2. Sundaram Mid Cap fund Regular plan-Growth Rs 5,000 3. ICICI Prudential Small Cap- Growth Rs 10,000 4. ICICI Prudential Large Cap fund-Growth Rs 5,000 5. ICICI Prudential Balanced Adv. fund-Growth Rs 5,000 6. DSP Small Cap fund Regular Growth Rs 5,000 7. Nippn India Pharma Fund- Growth Rs 5,000 8. SBI focused Fund Regular plan- Growth Rs 5,000 9. SBI Dynamic Asset Allocation Active FoF-Regular-Growth Rs 5,000

Ans: Thank you for sharing the details clearly. Let me break this down calmly and practically.

Where you stand today
Age: 48
Investment start: 2017
Current portfolio value: approx ?82 lakh
Monthly SIP: ?50,000
Time to goal: 10 years
Target corpus: ?2.5 crore at age 58

First, the good news. With an ?82 lakh base already built, you are not starting late. You are already past the hardest part, which is accumulation.

Is the goal achievable?
Yes, it is achievable with discipline and some fine tuning.

If your existing ?82 lakh grows at a modest 11 percent for 10 years, it alone can become roughly ?2.3 crore.
Your ongoing SIP of ?50,000 per month, even at 10 to 11 percent, can add another ?1 crore plus over 10 years.

So mathematically, you are on track. The key question is risk balance and fund structure, not return chasing.

Review of your current SIP portfolio
Right now, your SIPs have:
• Heavy exposure to small cap funds
• Multiple funds from the same AMC
• One sector fund
• Very little clarity on core stability

Small caps give good returns, but at your age and goal timeline, too much concentration can increase volatility when you least want it.

What needs correction
Reduce small cap overload
You have three small cap funds plus one focused fund. That is aggressive. Keep one strong small cap fund, not three.

Avoid duplication
Multiple funds from the same AMC don’t add diversification. They increase overlap.

Sector fund allocation
Pharma fund is fine, but limit it to a smaller portion. Sector funds should never drive the portfolio.

Add a clear core
Large cap or flexi cap should be the backbone now. Stability matters more than excitement.

Suggested SIP structure (illustrative)
Out of ?50,000 monthly SIP:

• Large cap or Flexi cap: ?15,000
• Hybrid or Dynamic asset allocation: ?10,000
• Mid cap: ?10,000
• Small cap: ?10,000
• Sector or thematic (optional): ?5,000

This gives growth without sleepless nights.

Important next steps
• Gradually rebalance existing investments, do not exit everything at once
• Shift from Regular plans to Direct plans if possible (this alone improves returns)
• Review asset allocation every year, not returns
• From age 55 onward, slowly start moving part of equity gains to safer instruments

Final thought
Your goal of ?2.5 crore is realistic. You don’t need aggressive bets anymore. You need consistency, structure, and risk control.

If you want, I can:
• Rebuild this exact portfolio fund by fund
• Estimate year wise corpus growth
• Suggest a pre retirement safety strategy from age 55

Just tell me how deep you want to go.

Thank you for sharing your details so openly. Let me talk to you like I would to a friend, not in numbers first, but in reality.

You are 48, you started investing back in 2017, and today you’ve already built around ?82 lakh. That itself tells me one thing. You are disciplined and you stayed invested. That matters more than anything else.

Now about your goal of ?2.5 crore by 58. Honestly, this is not an unrealistic dream. In fact, you are closer than you think. With ten years still in hand and a steady ?50,000 SIP running, the foundation is already strong.

Looking at your SIP list, you’ve clearly leaned towards growth funds, especially small caps. That’s fine, and it probably helped you build this corpus so far. But as you move closer to your goal, the game slowly changes. It’s less about chasing the highest return and more about protecting what you’ve already built.

Right now, there’s a bit too much exposure to small caps and some overlap between funds. When markets do well, this feels great. But when they correct, the same portfolio can test your patience and peace of mind.

You don’t need to overhaul everything. Small adjustments are enough. Think of large cap or flexi cap funds as the steady engine of your portfolio. Mid caps and small caps should add growth, not dominate it. Sector funds like pharma are okay in small doses, but they shouldn’t drive your future.

If you balance things a little better, your existing ?82 lakh has a very good chance of compounding close to your target on its own. Your SIPs then become the safety margin, not the lifeline.

The most important part comes after 55. That’s when you slowly start moving some money to safer avenues so that a market fall doesn’t hit you right before retirement.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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