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Lost Money in Cybercrime: Accounts Frozen - How to Recover?

Ramalingam Kalirajan |10881 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Jan 20, 2025

Ramalingam Kalirajan has over 23 years of experience in mutual funds and financial planning.
He has an MBA in finance from the University of Madras and is a certified financial planner.
He is the director and chief financial planner at Holistic Investment, a Chennai-based firm that offers financial planning and wealth management advice.... more

Asked by Anonymous - Jan 13, 2025Hindi

Sir, I lost 5 lakh amount in cyber crime few months before. We have frozen the amount in the accused bank, filed an FIR, got a court order and go of our money refunded from the accused account. Thus took around 2 months. Later, all our accounts are being frozen from different states , stating that many other victims have lost amount to the same account on that day and everyone have filed an FIR for lost amount. The amount lost is huge and only 5 lakh was there in the account which we froze and got it back . Now, what can we do ? Even our salary accounts are blocked now ? Is there any law pertaining to multiple victims , especially when the funds available in the fraudster account are limited? Highly appreciate your advise

Ans: Cybercrime is serious and impacts multiple lives. Your proactive action to recover your funds shows diligence.

The issue of multiple FIRs from various victims has legal implications. Authorities must address all complaints fairly.

Since the fraudster’s account had limited funds, the recovered amount is distributed to the first claimant or based on court orders.

Freezing your salary accounts is part of the investigation. This often happens to ensure thorough checks on all linked accounts.

Steps to Resolve the Current Situation
Coordinate with the Investigating Officer
Contact the local Cyber Crime Unit: Ensure they have clarity on your earlier recovery process.

Submit relevant documents: Provide proof of your FIR, court order, and bank recovery. This strengthens your position.

Seek Legal Support
Hire a Cybercrime-specialized Lawyer: Legal counsel ensures timely follow-up and resolution.

File a Petition in Court: Request for unfreezing your salary accounts. Courts understand the implications of salary account freezing on day-to-day life.

Engage with the Bank
Approach the Bank's Nodal Officer: Explain your situation with valid documents.

Submit a Written Request: Highlight that your accounts are frozen as part of a larger investigation. Seek specific timelines for resolution.

Legal Aspects for Multiple Victims
There is no specific Indian law addressing multiple victims in limited fund recovery.

However, courts often distribute recovered funds equitably based on case merits.

File an affidavit in court explaining your recovery process. This establishes your legitimate claim and prevents further complications.

Proactive Measures for Future
Strengthen Cybersecurity
Use strong passwords for all online accounts.

Avoid sharing sensitive details over phone or email.

Enable two-factor authentication for bank accounts.

Monitor Financial Activity
Regularly check your account statements.

Report unauthorized transactions immediately.

Opt for credit monitoring services for added security.

Final Insights
Your situation highlights the challenges in cybercrime cases involving multiple victims.

Patience and persistence are key. Legal and administrative follow-ups can take time.

Engage professionals for legal and financial guidance. They ensure better outcomes in complex cases.

Work with cybercrime authorities, the bank, and a lawyer. This ensures swift resolution.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

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

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