100% money recovery in fraud transactions


 To ensure 100% money recovery in fraud transactions, here are the relevant RBI guidelines and legal provisions you can rely on:

1. RBI Guidelines on Fraud Transactions (Updated Rules)

The Reserve Bank of India (RBI) has issued strict regulations regarding fraudulent electronic transactions to protect consumers. According to RBI Circular on "Customer Protection – Limiting Liability of Customers in Unauthorized Electronic Banking Transactions" (2017):

Customer Liability in Fraud Cases

  • Zero Liability:
  • Limited Liability:
  • Full Liability:

Bank’s Responsibility:

  • Banks must resolve fraud complaints within 90 days from the date of reporting.
  • If the fraud is proven to be due to bank negligence, the bank must refund the full amount immediately.

2. Legal Provisions for Fraud Recovery in India

If the bank refuses to refund the money, you can take legal action under the following sections:

A. Indian Penal Code (IPC) Sections

  • Section 420 (Cheating and Dishonest Fraud) – Punishment for fraudulent transactions.
  • Section 406 (Criminal Breach of Trust) – If a bank refuses to refund after a legitimate complaint.
  • Section 468 (Forgery for Purpose of Cheating) – If fraudulent digital signatures or documents were used.

B. Information Technology (IT) Act, 2000

  • Section 66C: Identity theft and password hacking (punishable by 3 years imprisonment).
  • Section 66D: Online impersonation fraud (punishable by 3 years imprisonment & fine).
  • Section 43: Liability for unauthorized access, hacking, and financial fraud.

C. Banking Ombudsman Scheme, 2006

If the bank refuses to return your money despite RBI’s rules, you can file a complaint with the Banking Ombudsman (RBI-appointed authority).

3. Judicial Process for 100% Money Recovery

To legally recover money, follow these steps:

  1. File an FIR – Submit a fraud complaint under IPC & IT Act sections.
  2. Approach Cyber Crime Police – File an online complaint at cybercrime.gov.in.
  3. Send a Legal Notice to the Bank – Mention RBI guidelines and demand a refund.
  4. File a Complaint with the Banking Ombudsman – If the bank does not act within 30 days.
  5. Approach Consumer Court – Under the Consumer Protection Act if money is not refunded.


"If you ever find yourself trapped in a cyber scam, reach out—I’ll guide you every step of the way!"

-Ashitosh Ghate

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