An online investment app took my money in Kolkata and shut down; is recovery possible?
AR Asked by Arjun Nair from India
Legal Information
Below is a comprehensive legal analysis based on Indian law for your question.
An app-based investment fraud is prosecuted under Sections 318(4) of the Bharatiya Nyaya Sanhita for cheating and Section 66D of the IT Act, and the SEBI Act if it posed as a registered intermediary. File an FIR at the Kolkata cyber police station and a complaint with SEBI's SCORES portal if the app claimed to be a registered investment adviser.
The money trail can be traced through the payment gateway and the beneficiary banks if the complaint is filed early. The Calcutta High Court can direct the police and the ED to investigate the proceeds under the PMLA where the sums are large.
West Bengal Premises Tenancy Act 1997 on money-lending or prize chits may also apply where the scheme promised guaranteed returns. Preserve the app screenshots, payment receipts and the KYC documents of the promoters.
Coordinate with other victims in Kolkata to file a joint complaint that strengthens the investigation.
Disclaimer: AI-generated for educational purposes only. Does not constitute legal advice. Consult a qualified practitioner.