How to recover your money from Cryptocurrency Scams - 2021

Today's article is on How to recover your money from Cryptocurency Scams - 2021. We will cover how we can help and how you can recover scammed or stolen bitcoin cryptocurrency yourself - DIY (Do it yourself) method 

Cryptocurrency Scams & Frauds are very serious crimes. It not only causes financial loss to the victims, they also suffer a lot of emotional distress, loss of privacy and general depression. If you have been the victim of cryptocurrency fraud due to security failures by an organisation that held your personal data, you have a right to claim compensation.

Recovering your cryptocurrency from a fraudster

If you have been the victim of cryptocurrency fraud, it might be difficult to get your money back. If someone is convicted of a cybercrime against you, the court may order them to pay you compensation. Sadly, with these types of crimes, the fraudster is often never caught or they may easily get away with it. 

Where the authorities are not interested in pursuing compensation, we can assist with a private prosecution. However, many factors will determine whether this is possible and how successful you are likely to be. First and foremost, the criminal has to be caught, and that is a rarity but it does happen even in India. 

You may know the case in India of Bitconnect and story of Divyesh Darji & Dhavan Mavani where many people lost their funds in the Ponzi scheme ran by Divyesh Darji & Dhavan Mavani. Bitconnect was a Ponzi scheme, it had multilevel marketing structure and impossibly high payouts (1% daily compounded interest). The total amount of the scam was between $3 Bn to $12.7 Bn.

Both Divyesh Darji & Dhavan Mavani have been arrested and case is in the courts. Most investors have not recovered any money from Bitconnect.

If you are a victim cryptocurrency scam or fraud then there is a possiblity that you can recover your money by getting the right advise.

Recover scammed or stolen bitcoin cryptocurrency yourself - DIY (Do it yourself) method 

You can also Recover scammed or stolen bitcoin cryptocurrency yourself by following these 5 DIY steps below

Contact the Fraudulent Crypto Investment Platform:

You will have to contact the trading platform that scammed you and stole your bitcoin cryptocurrency. Make them know that if they do not return your money, you will report them to the relevant financial authorities. This doesnt necessarily guarantee that they will give you your money back, but it is definitely a step in the right direction. Because when followed by action, your efforts could pay off. Sending a proper legal notice will improve your recovery chances a lot but you will incur legal charges.

Report to Relevant Financial Authorities:

Either you suspect you may be, or you know are a victim of trading fraud and you are doing everything you can to get justice. Perhaps you have already contacted us to help with a Cryptocurency scam recovery but you want to make sure that other traders do not make the same mistake. When you file your complaint, make sure to provide as much information as possible.

Get Help Online:

If youre keen on getting your money back, you may ask yourself the following questions; have I exhausted all options in getting my money back? Would I just give up if it were to be a million dollars? Try to publicize your story and seek help online in any way you can. For example, post the name of the broker on Quora or Facebook or social media to see if there are others who have information on this company or any clues as to how you could get your money back. This may also help prevent others from digging a whole in their bank account or credit card.

Use the Government of India national helpline 155260

Government of India has also launched a national helpline 155260 and reporting platform for reporting & preventing financial loss due to cyber fraud. The helpline is currently functioning in seven states and union territories including Chhattisgarh, Delhi, Madhya Pradesh, Rajasthan, Telangana, Uttarakhand and Uttar Pradesh. The government has noted that the helpline will be rolled out in all states of India and is operated by the state police. The helpline is manned by state police and is currently functioning in seven states and union territories. All major public and private sector banks are on board with the helpline and its reporting platform.

Inform Your Crypto Wallet Provider:

Contact your bitcoin wallet or crypto wallet and notify them that the company you paid is a scam and is refusing to give your money back. This will raise awareness and ultimately jeopardize any scams relationship with the crypto wallet which may also help prevent others from being scammed.

We help people to recover your money from Cryptocurency Scams and Cryptocurency Frauds. Contact us and schedule an appointment with us if you have been scammed. The Wild West atmosphere of cryptocurrency and ICO markets can lure even careful investors into fraudulent schemes. We will work to help you recover your crypto investment losses. Cryptocurrency fraud harms thousands of investors every year. Don’t be a statistic. Take action against the perpetrators and recover your money from cryptocurrency scams. Please note that all consultations are paid consultations.

DISCLAIMER

The contents of this article are for information purposes only and do not constitute an advice or a legal opinion and are personal views of the author. It is based upon relevant law and/or facts available at that point of time and prepared with due accuracy & reliability. Readers are requested to check and refer relevant provisions of statute, latest judicial pronouncements, circulars, clarifications etc before acting on the basis of the above write up.  The possibility of other views on the subject matter cannot be ruled out. By the use of the said information, you agree that we are not responsible or liable in any manner for the authenticity, accuracy, completeness, errors or any kind of omissions in this piece of information for any action taken thereof. CA Mitesh and Associates is Mumbai's leading Cryptocurrency Taxation Firm which is committed to helping people navigate complex tax laws and banking regulations. Our main aim is to assist the individuals with applicable laws & regulations compliance and providing support at each & every level to make sure that they stay compliant and grow continuously. For any query, help or feedback you may get in touch here - Appointment with CA. Please note the all consultations with the CA are Paid consultations.

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