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Need legal help: Banks denying chargeback for Falcons fraud


12-Jun-2025 (In Criminal Law)
I invested via credit card in invoice discounting deals on Falcons platform, now exposed as fraud. Despite non-delivery of services, HDFC & ICICI denied chargeback. Other banks like SBI, HSBC gave permanent credit. PA WEIPL acted without RBI approval till 2024. Can I file a consumer case citing RBI PA guidelines & Visa Rule 13.1? Need help in building strong case for refund.
Answers (3)

Answer #1
887 votes
Yes, you can file a consumer complaint for deficiency of service and unfair trade practices. Since you made the transaction via credit card and the service was not delivered, it falls under the purview of the Consumer Protection Act, 2019. You may also invoke the RBI circulars on PA (Payment Aggregator) guidelines, which mandate RBI approval for such platforms. If PA WEIPL operated without approval till 2024, this strengthens your case of regulatory non-compliance. Visa Rule 13.1 (chargeback rights for non-delivery) is valid—attach proof of non-delivery, denial from HDFC/ICICI, and credit approvals from SBI/HSBC. File a written complaint with the bank’s nodal officer first. If unresolved, approach RBI’s Ombudsman and file a consumer complaint before the District Commission. Also consider a police complaint for fraud. I can help you build a comprehensive legal case for refund and damages.
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Answer #2
567 votes
Yes, chargebacks are Consumer Protection measures, and banks have the responsibility to refund customers victimized on account of the bank's insufficient security measures. Depending on your specific facts and circumstances a valid case may be built up.
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Dr. S. Diraviam Dinesh

Dr. S. Diraviam Dinesh

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Answer #3
680 votes
Yes, you can file a consumer complaint for deficiency in service against the banks under the Consumer Protection Act, citing non-delivery of services. RBI’s PA Guidelines (especially on unauthorized payment aggregators like WEIPL) and Visa Rule 13.1, which allows chargeback for fraud or non-fulfillment, support your claim. Since some banks like SBI and HSBC issued refunds, it strengthens your case that HDFC and ICICI failed in duty of care. Include all transaction records, denial responses, RBI circulars, and actions of other banks as evidence. File your complaint before the District Consumer Commission. Legal assistance can help structure the case effectively. — Adv. Venkatakrishnan, Apex Law Office LLP, Chennai.
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Advocate Venkatakrishnan A M

Adv. Venkatakrishnan A M

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