Rahul, a keen learner, joined an online stock market course with the hope of becoming a successful and profitable trader. Initially, everything was going well, and he learned a few trading strategies.
However, the course provider began giving tips without any SEBI registration or approval. Since the tips were working, Rahul didn’t report it and continued following the instructions.
One day, the course provider sent a message to Rahul: “We are starting institutional trading where you can gain high returns and profit. To start, download our app by clicking the link below.”
Rahul clicked on the link, which redirected him to the Play Store. This gave him confidence that the platform was reliable, but he was unaware that there is no such thing as institutional trading in this context. The scammer was setting a trap to steal his money.
Rahul was somewhat cautious and monitored the app’s activity for the first few days. He then started investing with ₹5,000 and successfully withdrew some initial amount to test the platform.
Naturally, the scammer allowed him to do this to gain his trust.
Feeling assured, Rahul decided to invest more and added additional funds. Following the scammer’s instructions, Rahul deposited ₹4,00,000 into the scammer’s bank account using NEFT and RTGS modes to invest in an IPO.
What happened next is a familiar story. When Rahul tried to withdraw the money, it failed, and he lost his hard-earned money in the name of an IPO scams.
Rahul is not alone. There are many traders like him who joined that course and ultimately got scammed.
Now, what can be done to recover the lost money?
Recovery depends on several factors, such as:
- Was the platform registered with SEBI?
- How soon after the incident was the case reported?
- Are there enough proofs to report the case?
In Rahul’s case, after being scammed and blocked, he could no longer find the app on the Play Store.
The scammer had created a temporary app link and deleted the app after scamming enough people. This clarified that the app was not registered with SEBI. So, what other avenues are available to report such cases?
The answer is Cyber Crime.
How to File a Cyber Crime Complaint?
Filing a complaint with cyber crime is entirely online. By following simple steps for registration, drafting, and documentation, you can seek recovery of your losses.
Below is a brief overview of the steps involved in filing a complaint with Cyber Crime in India:
- Visit the cyber crime portal.
- Register by entering your details.
- Log in and select the type of fraud.
- Fill in the details of the scam and the suspected person.
- Continue by filling in your details.
- Upload all the proofs you have and submit the application.
Even after filing the case, does cyber crime refund money?
Well it depends on many parameters. The earlier you file, the higher the chances of recovering your money. Generally, reporting such cases within the first 2 hours increases the chances of recovery by 60%.
However, in some complex cases, claims can be made even after months. It depends on the nature of the case, the amount lost, and the available proofs.
In any kind of digital payment or transaction, always take screenshots of every conversation. You never know when those screenshots might become proof to help recover your capital.
Conclusion
There are ways to recover lost capital in online frauds, but the chances of recovery depend on various factors. It is crucial to stay vigilant when making transactions or purchasing online services.
Stay alert and conduct thorough research before engaging in any investment schemes.
