According to Ringing Bells president Ashok Chadha, the money - safe and being kept in an escrow account with a bank - will positively reach the respective accounts this week."To refund the money that was facilitated by payment gateways CCAvenue and PayU Biz, we had given a letter to the respective bank later last week. Now the only hiccup is what we call procedural delay and I hope that people will get back their money this week," Chadha said.

Click here: ED begins probe into finances of 'Freedom 251'manufacturer

Ringing Bells had received 30,000 orders on the first day and the rest of the customers for first 25 lakh handsets were to be selected on first-come-first-served basis as the company received a mammoth over seven crore registrations before the payment gateway crashed.

Mohit Goel, managing director of Ringing Bells, has also reiterated that money of all 30,000 customers is safe and is being refunded and the company will now accept cash on delivery (COD) only. According to Chadha, "Freedom 251" customers will be required to make payment only when the smartphone is delivered to them.

"The company has decided that we will, henceforth, offer 'cash on delivery' mode of payments for those who have placed an order for the 'Freedom 251' smartphone. This will ensure further transparency and clear any misgivings," Chadha said.