Hot Deal

Rotation of 50 Lakh Performed on Credit Card (HELP PLEASE)

1297°
Deal Newbie
Acoustic

I'm an old user of DD, but I have created this new account for my problem 'coz I'm not feeling comfortable with my actual account.

I'll try to sum up my whole issue here in the hopes that someone can help me because I'm really stuck badly.

I have been completing my master's degree in London, UK, for the past two years.

Before I left India, I gave my family my Indian SIM card, credit card, and a few other crucial documents. One of my cousins deployed my credit card to make purchases during sales, promotions, and other events. I had an HDFC bank credit card with a 10 Lakh limit.

In summary, we can say that he has been using my card for the past one to two years, but last week, when I returned to India, I was shocked by something unexpected.

Out of the 10 lakh credit limit, 5 lakh was used for the Smart EMI option, where EMI was detected each month. The remaining 5 lakh was rotated by him each month. In other words, we can say that he spent the full 10 lakh and was left with no money to return to the bank, so he began using the remaining credit limit to rotate the money back to pay credit card bills. When I downloaded the bank statements from the previous year, I nearly passed out because each statement was for 4 or 5 lakh, and he paid these enormous statements by withdrawing the remaining balance from the credit card and applying it back to the bank.

He rotated 5 lakh using all of the kids' rent payment platforms and credit to bank transfer platforms each month. To enable these transfers, he had to pay hefty fees each month totaling 15k.

Here's the big problem: I haven't filed my ITR for the past two years, therefore yesterday I received a notice indicating as much.

You do not appear to have filed an Income Tax Return for Assessment Year 2023-24 (relating to FY 2022-23). Some significant information available with the Income Tax Department includes the following: Miscellaneous payment - Rs 48,75,782

The last date for filing Income tax return for Assessment Year 2023-24 (relating to FY 2022-23) is <31st December 2023>


Yes, they are inquiring as to the purpose of these 50 lakh payments.

The second communication is from HDFC Bank directly, and they're questioning me about what on earth I was doing with my credit card, to which I had no response, 'coz I had no idea of anything.

I had no idea what was going on with my credit card or anything else in India because this dumbass had tricked me by changing my email address and obtaining my Indian phone number!

When I phoned my cousin, who left India last month, and asked him what the heck he was doing with my credit card, he answered so casually. Whoa! Please don't worry, I'll return your money. and as of right now, I owe 10 Lakh. Even this month's credit card statement also shows a staggering 5.2 lakh.

I came to India to enjoy some time with my family after a long time away, and I was taken shocked by this. I feel afraid stuck, and worried right now.

I have a 10 Lakh debit, my ITR is not submitted, and they are questioning me about 50 Lakh. What's worse is that this is related to FY 2022–2023, which means I will receive similar notifications for the next Assessment Year as well because this has been going on for more than 20 months.

Please let me know what to do, I need some advice.Naturally, I need a CA first, but how in the world am I going to explain this to him? I have no idea how much the solution will end up costing!

Please assist if you have any knowledge or experience.

Disclaimer
We are not SEBI/IRDA registered. The information provided herein is for education purposes only. We will not be responsible for any of your profit/loss with this channel's suggestions. Consult your financial advisor before making any decisions.
Top Comments
Deal Subedar Deal Subedar
Link Copied

In my opinion, launch a FIR against your cousin because you do not know yet what other things he has did behind your absence, prove authorities you were outside India and someone has done financial frauds 


Or Pay everything to bank and income tax department 😔

Helpful Helpful
Link Copied

You can take a sympathetic stand that, to reimburse the foreign study expenses, your family took some hand loan in India and due to its repayment pressure, managing it by credit card rotation every month.

Critic Critic
Link Copied
Very bad advice, lying to IT dept giving such excuses is like a child giving excuse to teacher for not doing homework because their pet dog ate it.
Cool Cool
Link Copied

Idhar mera cousin apni activa bhi nahi deta kabhi 5 min ke liye.

108 Comments  |  
51 Dimers
  • Sort By
Helpful Helpful
Link Copied

This is big issue, tell exactly what happened to ca, there is no other way around. Reason why we can't trust other with money pensive pensive pensive pensive

Helpful Helpful
Link Copied

Can u pls tell me why you tag me?

View 12 more replies
Deal Cadet Deal Cadet
Link Copied

Have been hearing so many stories like this recently. No alternative other than consulting a CA.

This is the exact reason, I wrote this post: https://www.desidime.com/discussions/warning-fo...

Deal Lieutenant Deal Lieutenant
Link Copied

Never give your sim and email to anyone irrespective of changing country or planet. No matter how much you trust them, Don't know how come you didn't see any statement/spends for over 2 years. Also, since you are an old member of DD, and hence you would be aware of cheats, frauds, offers, deals and money rotation.... So it just sounds plain dumb to be.

Sorry for your pathetic situation but hope you get thru it. Bless you ...

Helpful Helpful
Link Copied

Relatives cause lot of money problems..never trust

Generous Generous
Link Copied

Don't Panic, Go to some known/good CA, tell them the same story, and they will help you out.

Finance Mentor Finance Mentor
Link Copied

I'd also suggest consulting a lawyer and filing a case against that cheater "vibhishan"... You can atleast try to show that it happened without your knowledge and the email, card and sim was swindled out of you while you wanted safe custody of it while abroad and it was misused by that guy...

Critic Critic
Link Copied
You clearly never faced "family drama", what you are asking is basically an extreme version of that.
View 1 more reply
Deal Subedar Deal Subedar
Link Copied

In my opinion, launch a FIR against your cousin because you do not know yet what other things he has did behind your absence, prove authorities you were outside India and someone has done financial frauds 


Or Pay everything to bank and income tax department 😔

Helpful Helpful
Link Copied

Consult a good CA & file ITR. Be ready with Notice & settlements amount could be xyz depends on how good CA you find.

Have a walkthrough with your Cousin Parents & ask for settlements & all bill clearances before you leave. If it happened with mutual understanding it will be nice else jackup lawyer too

Helpful Helpful
Link Copied

You can take a sympathetic stand that, to reimburse the foreign study expenses, your family took some hand loan in India and due to its repayment pressure, managing it by credit card rotation every month.

Critic Critic
Link Copied
Very bad advice, lying to IT dept giving such excuses is like a child giving excuse to teacher for not doing homework because their pet dog ate it.
View 7 more replies
Helpful Helpful
Link Copied

may b u were enjoing penny cashbacks or milestones.

Generous Generous
Link Copied

Underrated comment of the year ..

View 2 more replies
Helpful Helpful
Link Copied

File a police report against that backstabber. Another advice ? Apne baap ko bhi trust maat Karo aur yeh toh cousin hai.

Aur woh cousin ke parents kya keh rahe the?

Helpful Helpful
Link Copied
neither me nor you nor any one here other than the OP saw actually what happened, so better don't blame anyone just by hearing one side version and also it's seems to be a family matter so legal course like criminal case kind of remedies is not a amicable solution that too just for misusing but not misappropriating.
Generous Generous
Link Copied

I can only make five remarks/ Comments.

1. Post of the year

2. I hate the statement, " Don't worry".

3. This is how to turn someone's life completely into hell cold bloodedly.

4. Run back to abroad asap.
5. Smart move by OP making new account then posting otherwise people would have beat the shit out of him.

Benevolent Benevolent
Link Copied

i think i know who op is. paji old account se post kardete koi chakkar hi nahi, koi baat nahi yeh sabke saath hota hai.

easy solution- if you plan to give up Indian citizenship then chill

hard solution- you need a good ca and since that relative is out of country then you will be solely responsible to payback and fine

Deal Subedar Deal Subedar
Link Copied

Giving Up Indian citizenship is not easy you need to pay all taxes before giving up citizenship 

View 14 more replies
Deal Lieutenant Deal Lieutenant
Link Copied

find a good ca 

tell him everything, he will show business revenue and will show a profit as well fro safety, pay tax and you are 80% safe 

if in future inquiry or anything happens then pay and settle up 

Generous Generous
Link Copied

Everything is done by friend/ Relative/ Cousins

"I have no Idea" is permanent.

Like Cameraman never dies.

Generous Generous
Link Copied

I still can't believe how such an old dimer didn't check his statements, emails, etc. Op went to London, not another planet where Internet won't work.

Or maybe the op here is actually that cousin in disguise.

Generous Generous
Link Copied

His cousin usually use to come to this community to ask how to Make Cc to Bank transfer.

Wishlist Champion Wishlist Champion
Link Copied

If 100% sure, that your cousin did. First, file an FIR on your cousin and make him arrested. Even ask him and his family to solve this problem 

Generous Generous
Link Copied

Height of hypocrisy by banks

5 Lakh on Axis FK Card 26000 CB, cancelled by bank within 1 Month

On the other hand

10 Lakh transaction every month for 1-2 years, bank watching silently...

Blogger Blogger
Link Copied

In this case mostly it is converted into emi and if we know the hdfc card variant, we can figure out the rewards worth

Generous Generous
Link Copied

Cousins are among most dangerous species in this country.

Benevolent Benevolent
Link Copied

That is what Mahabharata is about. 

Generous Generous
Link Copied

Communication(Mode)+Credit (Card)+Cousin (Relative)= Deadly Combination

Never mess with triple CCC at home or anywhere

Deal Subedar Deal Subedar
Link Copied

Listen this song OP, This might heal you

Deal Cadet Deal Cadet
Link Copied

The Notice has now come so you have to justify the source of this payment.  You can simply justify what the actual matter is. 

IT thinks you have some unaccounted cash and that is paid to credit card.  If you fail to justify ...at some point ...you will be called for an online / offline  meeting with IT officials.  at that time you can explain all things. with a detailed proofs of your time of visits to india.  you may simply refer that some unknown person did and you are unaware.  let that be handled as cybercrime or anysuch.   Be strong that you have not done thats it.   Just report the way it is.  

In any of the cases your cibil will not improve now.  Then why to lie now for what you havent done. Its very easy for cybercrime dept to come to the conclusion that IP address of txns are of Indian and since you were not here, its not you. 

Cool Cool
Link Copied

Idhar mera cousin apni activa bhi nahi deta kabhi 5 min ke liye.

Helpful Helpful
Link Copied
If Putin see your username, he will die for sure. Vladimar Putin :: Vitamin Protein
View 1 more reply
Generous Generous
Link Copied

Hdfc Bank myCards app login left the chat...

Commentator Commentator
Link Copied

One option is to file belated returns and pay income tax and interest etc. this is a very expensive option. The other option is to inform the ITD that the transactions are not your own. But I don't know how an AO can convince officially himself even if he wants to believe you.

Ofcourse, you need to contact a CA.

Helpful Helpful
Link Copied

dont get worried, just file ITR as a commission agent ITR 3
pay some fines for late filing, however you are not in big trouble as you believe

Can be fixed by a CA, however consider an expense of 10-25k including fines etc


Deal Cadet Deal Cadet
Link Copied
yes, there is nothing to worry about transactions u should be worrying about how and when your cousin will repay you.
For trnx you can file 44AD section which is earning via commission section. If you can't justify your transaction to the bank as a personal expense/money rotation all they will do is close your card or you can just close your card yourself after paying due but make sure to not inform this to cousin as after knowing this he will be delaying paying u back. 
High-value transactions is getting normal after Corona as everyone is doing money rotation and if we are earning money from it we can file it in itr. If bank don't like our trnx category they will simply close the card. 

So 1st step is do not get panic 
and  2nd step is to follow the 1st step. 
Generous Generous
Link Copied

I don't know why he used the card and paid again using the same card.

Why didn't he withdrew once and Flew ?
Repeatedly settling the same amount for 18 Months then doing a fraud finally & flying with the money raises suspicion

replyuser
Click here to reply
Reply