Banking: If millions of rupees suddenly appear in your account, does that mean they're yours? Don't even think..

Imagine one day you pick up your mobile phone and see a bank notification that 5 lakh rupees have suddenly been credited to your bank account. Naturally, you'd be very happy. Many people would consider themselves lucky, thinking that if the bank hasn't said anything, the money is theirs. But the truth is the opposite. Remember that money mistakenly deposited into your account does not belong to you. If you spend this money, you could land yourself in serious legal trouble. Here's the full explanation:

Why is spending mistakenly received money a crime?
Many people think that if the bank made a mistake, the loss is the bank's, and the money is theirs. This is the biggest misconception. Such money deposited into your account is considered "trust money" that must be returned. If a person spends this money or refuses to return it, the bank or the rightful owner can file a case under Section 406 of the IPC.

What does Section 406 of the IPC say?

IPC Section 406 deals with 'Criminal Breach of Trust'.

Action is taken under this section when:

Someone misuses another person's property or money.
Money held in trust is spent.
Someone transfers another person's money into their own name.
What is the punishment?
Up to 3 years imprisonment or a fine, or both. This means that spending mistakenly received money can land you in jail.

How does the bank recover its money?
When the bank discovers that money has been mistakenly transferred to the wrong account:

First, the bank contacts the person whose account received the money.
If the person is reluctant to return the money, the bank files a complaint with the police.
The police register a criminal case under IPC Section 406.
After a conviction in court, the bank files a recovery suit under the Civil Procedure Code.
The court can attach your movable and immovable property – such as your house, car, and bank balance – to recover the money. In short, the bank will recover every single rupee.
What should you do if money is mistakenly deposited into your account? Do not spend the money: Do not touch the money at all or transfer it anywhere else.
Inform the bank: Immediately go to your bank branch and inform them in writing or via email that money has been mistakenly credited to your account.
Keep written proof: Make sure to keep a copy of the information given to the bank as proof.

These three steps keep your case clear and protect you from legal risks.

What if you transfer money to the wrong account?
Nowadays, wrong UPI or bank transfers are very common. In such a case, do this:

Go to the branch or call customer care and provide the transaction details. You can also file a complaint via email.
According to the RBI, the bank has to initiate action within 48 hours of receiving the complaint.
If the money has gone to the same bank, it is returned quickly.

If it is in a different bank, it may take 7-15 days.

What if the receiver does not return the money?

In such a case, you can send a legal notice and file a case under IPC 406. The court will recover the money from their property.

Disclaimer: This content has been sourced and edited from Zee Business. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.