They are, in effect, paying for them with newly created bank reserves and perhaps a small amount of newly created deposit money.

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The court order said Sahara had "no right to collect" the funds "without complying with any regulatory provisions" and ordered the group to deposit the refunded money in a nationalised bank.

BBC: India

Over-payment fraud, the victim receives an invalid monetary instrument with instructions to deposit it in a bank account and send excess funds or a percentage of the deposited money back to the sender.

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