Hyderabad: In a significant development, the national Lok Adalat issued a historic order on Saturday, directing the refund of Rs 2.19 crore to 546 victims of cyber fraud in the state within a single day.
This was made possible through the collaborative efforts of the Telangana State Cyber Security Bureau (TSCSB) and the Telangana State Legal Services Authority.
Upon receiving complaints of financial cybercrime, the TSCSB swiftly takes action to freeze or suspend the victim’s funds in the accounts of the fraudsters.
Typically, reports of financial cyber fraud are lodged through the TSCSB call center on the helpline 1930. Subsequently, specialized officers monitor the National Crime Reporting Portal to trace the flow of funds from the victim to the perpetrator. They then liaise with the relevant banks to halt the victim’s funds.
The success of freezing and recovering lost funds largely depends on the prompt reporting of the financial cybercrime by the victim. Ideally, if the victim reports the incident within the first two hours of the monetary loss, there is a higher likelihood of retrieving the funds.
However, as time elapses, the task becomes increasingly challenging, making it easier for the fraudster to withdraw the money, convert it into cryptocurrency, or employ other evasion tactics to avoid detection by law enforcement authorities.
