Recovery scam
Also called: recovery agent scam, fund recovery scam
A second fraud aimed at people who have already lost money, offering to recover it in return for an upfront fee.
Recovery scammers pose as lawyers, police officers, "cyber cells", regulators or recovery agencies, sometimes with fake letters or court orders. Genuine authorities do not contact victims offering recovery for a fee, and do not charge you to investigate a crime.
Example
A week after losing money to a fake trading app, a victim is called by a "SEBI recovery officer" who asks for a ₹15,000 processing fee to release the funds.
Learn more in these lessons
- What to do after a suspected fraudWhat should you do if you have been defrauded while investing?
- How to verify a claim and report a fraudHow do you check an adviser and report investment fraud?
Related terms
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