SP holds meeting with banks; Police, banks join hands to speed up refunds

Mysuru: With cybercrime emerging as a major challenge, the Mysuru District Police have intensified efforts to curb online fraud and help victims recover money frozen in bank accounts. 

According to official figures, more than Rs. 7 crore has been frozen in over 1,400 bank accounts across Mysuru district. The Police are now working with banks to expedite the refund process for victims. 

To streamline coordination, Superintendent of Police (SP) Mallikarjun Baladandi on Thursday convened a meeting with officials of the District Cyber Crime Police Station and representatives of various banks at the auditorium of the Inspector General of Police (Southern Range) office complex at Jalapuri in city.  

Additional SP Nagesh, Deputy Superintendent of Police (Cyber Crime) R. Srikanth and CEN Police Inspector Sunil Kumar were present. 

Speaking to Star of Mysore, Lead Bank Chief Manager N.P. Krishnamurthy said that banks had assured the Police of full cooperation in facilitating refunds to cyber fraud victims.

MRM and GRM portals 

The meeting comes in the wake of the launch of the Money Restoration Mechanism (MRM) and Grievance Redressal Mechanism (GRM) portals by the Union Ministry of Home Affairs to strengthen the response to cyber crime. 

The MRM portal enables victims of cyber fraud to claim refund of money that has been frozen or placed on hold in the fraudsters’ bank accounts.  

The portal processes claims of up to Rs. 50,000 without requiring victims to visit a Police Station or Court. However, claims exceeding Rs. 50,000 must be pursued through Courts. 

The Grievance Redressal Mechanism portal has been introduced to address cases in which bank accounts have been mistakenly frozen during cybercrime investigations.  

It provides a transparent mechanism for account holders, banks and the Police to jointly review such cases and decide on the unfreezing of accounts, wherever justified. Affected individuals and financial institutions can log on to the portal to review accounts that have been line-marked or flagged. 

During the meeting, SP Baladandi also directed banks to strengthen security measures by installing CCTV cameras and deploying security personnel to prevent bank-related crimes. 

How to apply for a refund? 

To apply for a refund, victims must first register a complaint through the National Cybercrime Helpline (1930) or the National Cybercrime Reporting Portal (NCRP) and obtain the 14-digit acknowledgement number. Using this reference, they can submit a refund claim directly on the Money Restoration Mechanism (MRM) portal. Officials clarified that the MRM portal is completely free to use and cautioned the public against fraudsters demanding processing charges.