Significant Shift in Refund and On-Hold amounts; 46.42% Refunded in 2024: Minister of State for Home Harsh Sanghvi
FinTech BizNews Service
Mumbai, August 3, 2024: Under the leadership of Chief Minister Shri Bhupendra Patel, the State Home Department and Gujarat Police are diligently working to uphold law and order while enhancing Ease of Living for the residents of the state. The Gujarat Police have made a significant stride in alleviating the suffering of thousands of middle-class cybercrime victims. Thanks to the victims' cooperation in the investigation, 28,000 previously frozen bank accounts have now been unfrozen, providing a huge relief to the victims.
Minister of State for Home Shri Harsh Sanghvi elaborated on this achievement, stating, “Through effective cybercrime investigation, Gujarat Police have successfully unfrozen around 28,000 bank accounts. This action will offer substantial relief to victims who have been deceived through fraudulent transactions or who have unwittingly fallen prey to such schemes.”
The Minister of State for Home provided an update on the amount on hold and the refunds issued, noting a significant improvement in both areas. In 2024, the percentage of refunded amount has increased to 46.42%, up from just 17.93% in 2023. As of June 30, 2024, a total of ₹114.90 crore remains on hold, while ₹53.34 crore has been refunded this year. These figures display authorities' proactive approach in delivering timely relief to victims of cybercrime.
Shri Harsh Sanghvi further explained that the Gujarat police have updated its policy on account freezing. This marks a crucial step towards balancing the need of crime investigation and minimizing the financial strain on innocent people. The revised policy will now target only the portion of an account affected by fraud instead of freezing the entire account. The revised policy aims to ease the financial burden on middle-class people, who often face significant hardships when their entire bank account is locked.
The Minister remarked, “Cybercrime has significantly impacted middle-class people, leaving them unable to access their funds due to account freeze. The recent unfreezing of these accounts has brought immense relief. The initiative brings significant relief to those who are less affluent and rely heavily on their bank accounts for everyday transactions. The authorities have requested that anyone who believes their bank accounts have been mistakenly frozen come forward with evidence of their non-involvement in cybercrime. Such accounts will be reviewed individually, and, if appropriate, may be unfrozen.
The decisive action by the Gujarat Police marks a significant advancement in addressing the inconvenience faced by cybercrime victims. By updating the account freezing process and encouraging victims to come forward, the authorities are addressing both the immediate financial hardships endured by affected people and the broader challenge of combating cybercrime.
