Introduction
Cyber fraud is an alarming reality in today’s digital world, with thousands of individuals losing their hard-earned money to scammers every day. At B S Makar Advocates and Solicitors, we have successfully handled numerous cyber fraud cases, ensuring victims get justice and recover their lost funds. This blog details a real case where we helped a client reclaim their money after falling victim to an online scam.
The Cyber Fraud Case: A Deceptive Online Investment Scam
The Client’s Situation
Mr. Arjun Sharma a businessman from Mohali, received an enticing offer through social media. The offer claimed a high-return investment plan with guaranteed profits from cryptocurrency trading. The fraudsters, posing as a reputed financial advisory firm, convinced him to invest ₹5 lakhs in their so-called “crypto trading platform.”
Arjun initially received small profits to build trust, but soon, he was unable to withdraw his principal amount. The fraudsters started demanding more deposits under the pretext of tax clearance and withdrawal fees. Realizing he had been scammed, Arjun reached out to us for legal assistance.
Step 1: Immediate Action – Freezing the Fraudulent Accounts
As soon as we received the case, we advised Arjun to act swiftly. Our legal team took the following steps:
- Filed a Cyber Crime Complaint
- We immediately reported the fraud to the National Cyber Crime Reporting Portal(https://cybercrime.gov.in) and the local Cyber Crime Cell.
- We provided details such as transaction IDs, communication records, and the scam website.
- Informed the Bank and Payment Gateways
- We contacted Arjun’s bank and the fraudster’s bank with a formal legal request to freeze the fraudulent accounts.
- We escalated the matter to RBI’s Banking Ombudsman for quick intervention.
- Filed a Police Complaint (FIR)
- A detailed First Information Report (FIR) was lodged under relevant sections of the Bharatiya Nyaya Sanhita (BNS), 2023.
- Sections invoked: Section 316 (Fraudulent Misrepresentation) and Section 317 (Financial Deception and Cheating).
Step 2: Legal Action Against the Fraudsters
Once the complaint was registered, we pursued legal action aggressively:
- Notices Sent to Payment Platforms
- The fraudsters had used digital wallets and UPI-based transactions.
- We served legal notices to the payment service providers (Razorpay, Paytm & and Google Pay) demanding account suspension and fund recovery.
- Tracing the Fraudulent Network
- Using cyber forensics, we worked with investigators to trace the IP addresses and transaction trails.
- The fraud was linked to a larger scam operation running overseas.
- Pressuring the Bank to Reverse Transactions
- Under the Reserve Bank of India (RBI) guidelines, banks must freeze and investigate suspicious transactions.
- We leveraged this regulation to demand a chargeback and reimbursement for our client.
Step 3: Recovery and Justice
1. Partial Recovery from the Bank
Within two weeks, the fraudster’s account was traced, and ₹2.5 lakhs was refunded to Arjun from the bank’s risk mitigation fund.
2. Legal Pressure Forced Fraudsters to Return Funds
With continued legal pressure and collaboration with cybercrime officials, the scam group faced legal action. To avoid criminal prosecution, they were forced to refund the remaining ₹2.5 lakhs to Arjun.
3. Preventing Future Frauds
We ensured:
- The fraudulent website was reported and taken down.
- Awareness about similar scams was spread through social media and legal workshops.
Key Takeaways: How to Protect Yourself from Cyber Fraud
🚨 Never trust investment offers promising unrealistic returns.
🚨 Verify companies before investing. Check for regulatory approvals from SEBI, RBI, or other authorities.
🚨 Avoid sharing personal banking details over social media or unknown websites.
🚨 Report fraud immediately on https://cybercrime.gov.in or call 1930 (Cyber Crime Helpline).
🚨 Consult legal professionals if you become a victim to take quick action and recover your funds.
Conclusion: How We Can Help You
Cyber fraud can happen to anyone, but timely legal intervention can help recover lost money. If you or someone you know has been a victim of online fraud, investment scams, or digital payment fraud, our team at B S Makar Advocates and Solicitors is here to help.
📞 Need help? Contact us today at www.makarlaws.com for expert legal guidance.