Bitcoin Forum

In such a case what are my options, when the person refuses to give me back.
After i went to the police they told me that chances are almost negligible.
So any suggestions?

You should try getting inputs on a consumer redressal forum, this is the wrong place for this query
Good luck

If 24 hour is not over as of yet, ask your bank to at least hold the payment. Try call locking in customer care at today night. They have a settlement window. If u can raise dispute before that, there is a chance.

First question what is the amount  we are talking about here that went to wrong account a friend of mine did something similar last week but the other person that time was nice and returned 25K INR ..? In your case if the amount was less than 6 digits then the chances are on lower side that you'll recover it as you know Police won't take much interest unless they are getting their cut out of it.

 But I don't understand why they  said that chances are almost negligible I mean you have all the required bank details and i think those are enough to track him down. maybe the reason i mentioned earlier is the case here.

Doesn't the bank ask the account number twice precisely to avoid this exact situation?

If it is NFET, you can put up charge back and request dispute. You will need copy of atleast police note for the same. Make sure you mention exactly what happened and you should be able to get it. Police will not recover it mostly, it is bank with the help of police fir copy can mediate the dispute.

If you have not mentioned that it is accidental mistake from your side as of now, register unauthorized compromised account transfer which is much easier to deal with and bank will surely help with you that as it is mentioned in consumer grievance policy and RBI makes it mandatory to look and mediate in this case for banks.

Regards

Yeah but sometimes you think the account number you entered first is the correct one, just a normal human error. Mostly occurs with new account numbers.

Isn't that filing a false complaint accusing someone of a crime he didn't commit?

But how its possible?

If account number is incorrect the beneficiary name wouldn't match.

Account number and account holder name both should match.

Yup that is true. in that case  even if the transaction went through you can still tell your bank to reverse it because the bank did not  verify the  name to the account  number .

I don't know exactly whats the case with OP here but lets say you got a number of beneficiaries attached to your account , I use Internet banking and I just have to select the beneficiary from the list to complete the transaction once I mentioned the amount and sometimes a beneficiary with whom you just had few transaction get selected , just normal human error.

 You need to add account number and account holder's name for the first time when you add a beneficiary to the account after that just hit the radio button and thats it, at least this is how it works in the internet banking software of bank I use.

Are you sure that a chargeback can be applied against NEFT ? If yes, then is not it risky to accept NEFT against Bitcoin ?

Thanks for the suggestion, actually I was dealing in bitcoins at that time, and the first thought that came to my mind was to ask the bitcoin community!

24 Hours are long over, also the payment was a State Bank Group transfer.
So it was immediately settled.

I think the person was already added in your payee list. Hence there was no name/account matching was required before the transfer took place...

Thank you for answering :)

Yes I clicked the wrong benefeciary.

This was a State Bank Group transfer, when I went to the bank they said they could do nothing, and somebody else advised me to go to the bank with after filing an fir.

Well on what basis are you going to  file a FIR, FIR is filed when crime takes place (a Cognizable offences). not when you accidentally hand you money to a stranger, and in your case chose the wrong beneficiary.

All you can do now is to contact your beneficiary from the list and then hope he give you your money back.

The person has already refused to give the money back. He has no other way than contesting. But chances are very low, because the person may demand he has transferred bitcoins against it.

state bank takes a day to add one beneficiary right  ???   

Not if you do an IRATA (atm) confirmation for your benefeciary.
btw it takes 4 hours through otp

Is this true? Can NEFT, RTGS, IMPS payments be charge back? I sell for direct payment in my account, can it also be charged back? pls someone answer this.

Some ppl  can buy bitcoins and then claim that they send wrongly??

While doing NEFT transer - only IFSC code and account number becomes relavent. DO not matter what you write for NAME field.
If the account number is valid in that IFSC code branch, it will just go through. I have a problem with this as well but no work around.

I dont think a charge back on neft rtgs and imps would be easy to do even if possible. Not as simple as a credit card charge back atleast.

I think, if NEFT supports chargeback then it is a significant problem for bitcoin selling online in India. As I can see, there is no chargeback for NEFT as per RBI regulation...

http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=5489&Mode=0

Pros in payment industry may add their point of view.

NEFT can be charged back by putting unauthorized transfer claim. It is possible but tough to execute in normal scenario.

Regards

Under what circumstances can NEFT be charged back ? I thought it was irreversible.

It is not completely irreversible. One circumstance, I can confirm is transfer from compromised bank account. But you will have to go a good length to prove it which includes police and bank intervention. Normally bank catches such transaction in the middle only, but in case it goes through then you can register complaint with local police department and visit nearest bank branch with documentation.

Regards

So its good that if someone's account  gets compromised then he can get his money back though after some hassles.

No chargeback is not possible unless beneficiary allow's that.

Once I've made a payment of 6 figures but on my account it keeps showing as cancelled, I called my bank and asked about it, support guy said it's cancelled and I can make another payment, I asked him twice and took his details then I did transfer again but after one hour they processed that cancelled transaction. I called bank again and told everything, they said.. "Oh sir we are really sorry but we can't do anything, you can ask beneficiary to return funds or you can go to our branch, then fill a form and do FIR" lol

Luckily that guy was genuine so he returned full amount in morning, other than that I've never made a single mistake in making payments.

Whenever you are making payment check account number twice (Full or Correct Name isn't required for transfers)

Check this case
http://forum.indiaconsumercomplaints.com/Thread-NEFT-Money-by-Mistake-Credited-to-Another-Account#.U7rJGrHVDIU

Similar thing happened to me two times.
I transferred money via NEFT to one of the mutual fund companies account.
I did the transfers during non-working hours and the banks online system give me no confirmation or debited the money after I click the submit button.
It was rejected each time without any error message and gave me submit button again. I checked all history, pending, scheduled transactions list everything was clear.
So, I again tried to transfer 3 to 4 times. Then, as a surprise in the morning all the money debited from my account and transferred to the MF Account.
I contacted the bank, but they refused to help me in that and give me their head office phone no, just to keep me away.
Finally contacted the MF company and they credited the money as MF units in my MF account.

I did some research and called up a few banks. Chargebacks are not possible in RTGS (for sure) and even in NEFT the chargebacks are not possible as it takes around 15-20 minutes widow to consumate the transaction (Sometimes longer than that). But the thansferor making the transaction cannot call and ask for chargeback. The only way is to either ask the transferee or in extreme file a complaint (but relevant sections are required to be invoked and as per my understanding not all ingredient of the section gets satisfied), but you may warn [Mild language used  ;) ] the other person...lolzzz

Some precautions which can be followed
- Always send a token amount while transferring money to a beneficiary for the first time.
- Most banks allow us to set 'upper limits' for transfer to particular beneficiaries. Use this appropriately. You can set a low limit to most of the beneficiaries
- Deactivate beneficiaries as and when you don't foresee any future transactions with them.

Great advice  :)

How much did you exactly send? If the amount is significant the bank will probably reverse it for you (for a fee of course).

Its going very late and many suggesting its very difficult to charge back I think now he lost already but lesson for next time

I do not think that is possible. Any experience or precedent on this????

Might be possible in case of an intra-bank transfer (accounts belong to same bank). Even then, the bank's action might be challenged.
Otherwise, I dont think it is possible

Once money is transfer & deducted from account then we can't do any thing so while entering beneficiary account no & IFSC Code (https://www.bankbazaar.com/ifsc-code.htmll) be carefull.

Supreme Court held that if a third party, by mistake deposits the money in the account of some other person, as soon as the money is deposited in the a/c of such third person, who is a customer of the bank, the money becomes the money of the customer, and it is not open to the bank in such circumstances without obtaining the consent of the customer, to reverse the entry of credit made in his a/c and in effect pay back the money to the person who had deposited it, even though it might have been deposited by mistake ".

Thus it is clear that no bank can reverse the credit in an account even if the amount was wrongly credited without the specific consent of the account holder. In the instant case the wrong beneficiary has to give consent for reversing the wrong credit to his account. I am not Sure on it.

I think Police or Law won't help in this case because the person has sent money by his consent and the person who received it did not do anything illegal. It the fault of the person and there is no law which can get him his money back.

Yep, his money is gone. No bank or Law in India can help him. Only the person who he sent his money can help him by deciding to return his money otherwise there is zero probability of him getting his money back.

you should go  consumer redressal forum