How much money has been returned to victims under Section 413 CPC?

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RM178,407 Has Been Returned Under Section 413 of the Criminal Procedure Code

As of the current reporting, RM178,407 has been returned to victims under Section 413 of the Criminal Procedure Code (CPC). This section of the law allows for the seizure and return of property linked to an offence to the rightful owner.
Mechanism for Returning Funds Under Section 413 CPC

Section 413 of the CPC serves as a legal framework enabling the recovery of assets connected to criminal activities. This provision is specifically invoked when negligence on the part of financial institutions can be established in monitoring and ensuring adherence to regulations, as stated by Prime Minister Datuk Seri Anwar Ibrahim.
Government Reviewing Bank Liability Mechanisms

The Malaysian government is actively reviewing and considering ways to strengthen the existing mechanisms that hold banks liable in scam cases. This includes an examination of tightening the requirements that make banks accountable if they are found to be not diligent in their monitoring duties and in ensuring that established rules are followed.
Consideration of UK's Compensation Principle

In addition to strengthening domestic mechanisms, Malaysia is studying the adoption of the United Kingdom's principle for compensating fraud victims. Under new UK rules, banks are mandated to refund victims of fraud up to £85,000 (approximately RM480,600) within a five-day period, contingent on the banks being found negligent.
Scope of Online Financial Crime Losses

The broader context of these reviews is significant financial losses stemming from online financial crimes in Malaysia. From January to October of the current year, these losses have amounted to RM1.224 billion, encompassing various forms of fraud such as online scams, telecommunication crimes, love scams, and fraudulent investment schemes.

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How much money has been returned to victims under Section 413 CPC?

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