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Case Study: A Legal Demand Letter Clinches a Bank Wire Recall
This case involved the following MyChargeBack services: legal demand letters, preparation of two police complaints and follow-through with the authorities.
The Basis for the Dispute
This case illustrates a successful recovery through the uniquely complex and challenging wire recall process.
M.F. is an Italian national residing in the United Arab Emirates (UAE). He became entangled with an unregulated online investment firm. By the time he realised he might have become a victim of a scheme, he had already wired more than $8,000 from his bank account to the merchant. After determining he needed assistance with recovering the money, he contacted MyChargeBack.
After examining the details of the case, we determined that M.F. was a suitable candidate for our Bank Wire Transfer Recall program. We explained the process to him and he quickly enlisted our help. We determined that the beneficiary bank located in Singapore, as well as the beneficiary account in the United Kingdom, both failed to perform adequate due diligence in permitting and receiving the transfers of funds.
Consequently, we had an attorney draft legal demand letters to both the bank and the beneficiary. The letters explained our client’s case and demanded an immediate reversal of all transactions, or the two faced the possibility of further legal or regulatory action. At the same time, we provided M.F. with police complaints for him to file, both in Singapore and the UK, which served as further leverage against the beneficiaries.
Even with a strong case and under ideal conditions, it is normal for the process described above to take months — and require multiple follow-ups with the relevant institutions — before a final resolution is reached. It came as a pleasant surprise, therefore, that our client received a response from his bank just a few days after it received our legal demand letter. His bank informed him that the beneficiary bank had approved the reversal of the first (smaller) transaction. And just a few days later, the second, larger transaction was recalled as well, resulting in an almost complete recovery of his lost funds.
At a Glance: MyChargeBack in the UAE
Payment made by the bank
Did you pay with a credit card or debit card? Bank wire? Cryptocurrency?
MyChargeBack UK provides free initial consultations. If MyChargeBack UK is engaged to assist with the processing of a chargeback or other fund recovery service, it will be offered to you on a no-win, no-fee basis, and as part of the claims management service for which the company is authorised and regulated by FCA. Certain QFL services, such as cryptocurrency blockchain analysis and cyber investigative services, fall outside the scope of QFL’s regulated activities and, therefore, will not be subject to regulation by the FCA. The preparation of such reports may be subject to retainers and/or fees. Please note that QFL does not offer any financial or investment advice.
The correspondence address for QFL is 21 Bedford Square, London WC1B 3HH, United Kingdom.
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