Mumbai: Bandra woman recovers Rs 12.25 lakh lost in trading scam

Shabnam Shaikh a 39yearold Bandra West resident who lost Rs 23 lakh in an online trading scam has recovered nearly Rs 1225 lakh with the help of her bank Shaikh filed a chargeback form at Axis Bankrsquos Sion branch after which the bank froze the fraudstersrsquo account and managed to recover part of the moneyThis newspaper in its May 26 edition had shed light on how Shaikh who resides at Pali Hill and runs an NGO had invested about Rs 23 lakh in the online trading app of the FXonet websiteShaikh told the police that she came to learn of the platform via X on April 25 and she deemed it trustworthy as it featured photographs of a prominent Bollywood actress and a wellknown singer creating the impression that they endorsed the websiteVictimrsquos plightRecounting her ordeal Shaikh told midday ldquoI was helpless after being trapped by a fake online trading application I invested almost Rs 23 lakh and the app kept showing that I had earned a lot of money but I couldnrsquot withdraw anything I sent many emails to FXonet but got no help Finally I registered an FIR at the cyber police station in Bandra Kurla Complex Even after that I didnrsquot receive any help from the policerdquoShe added ldquoA friend told me about the chargeback option I filled out the form online with the bankrsquos help The bank investigated the matter and confirmed that fraud had occurred So far Irsquove received Rs 1225 lakh back The bank is reversing my money in phases In five different transactions the same amounts I had invested are being credited back to my accountrdquoShaikh also alleged ldquoThe fraudsters threatened me via email They told me to get the midday report taken down and delete all my tweets They even offered to settle the matter for 8000 dollars if I agreed to withdraw the FIR but I refused I trust the banking system and believe I will get all my money back If the police wonrsquot help I will track these criminals myselfrdquoPares Kumar Paikaray operations head at Axis Bankrsquos Sion branch stated that it is mandatory to file an FIR to submit a chargeback form at the bank in cases of fraudulent transactions ldquoOur account holder Shaikh lost Rs 23 lakh on an online trading app and reported this to us She lost the money in April and registered the FIR On June 8 we raised the issue with the bank where the money was transferred An investigation team confirmed it was a fraudulent transaction and part of the money was returnedrdquoWhat is the chargeback processThis is a form of consumer protection that allows bank account holders to dispute a transaction they believe is fraudulent unauthorised or not as described according to Razorpaycom The account holder must request their bank to reverse the transaction as soon as they possibly canThe road to recoveryFile FIRThe step is mandatory in cyber fraud casesSubmit chargeback formAsk your bank for a chargeback request formAttach a copy of the FIR and mention details of the fraud with proofBank investigatesThe bank verifies and crosschecks the recipientrsquos accountThe fraud is confirmedFreeze and reverseThe bank freezes the fraudstersrsquo accountTransactions are reversed in phases in the exact order they occurredShaikhrsquos money recovery timelineMay 20 Rs 16345285July 6 Rs 8177941July 6 Rs 2044852July 6 Rs 1897283July 6 Rs 12005217July 6 Rs 6452353July 6 Rs 16355881August 4 Rs 34328281August 20 Rs 24908291Rs 1225 LakhAmount returned to Shaikh so far