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| Don't fall prey to frauds, RBI cautions people | | | EARLY TIMES REPORT
JAMMU, July 20: Expressing concern over people falling prey to international frauds, Reserve Bank of India (RBI) has cautioned the masses not to accept fictitious offers, lottery winnings and cheap fund offers.
Addressing a press conference Regional Director of bank, Arnov Roy said that members of public should not fall prey to these cheap funds' claims which usually come through e-mails, SMS or letters.
"People should immediately inform the RBI about these offers and they should not make any remittance towards participation in such schemes from unknown entities from India or from abroad", Roy said.
Describing the typical modality of such offers, RBI said that certain foreign entities individuals including Indian residents acting as representatives of such entities make offers through letters, e-mails of huge foreign currency to the individuals on the pretext of helping them in their business or anything other way.
"Once the contact is established the offer is followed by a request seeking details of bank account of the individuals and asking some amount to be remitted to them as initial deposit, commission so that the offer money could be transferred and many people fall prey to these offers", Regional Director said.
RBI has clarified that the remittance in any form towards participation in lottery schemes is prohibited under Foreign Exchange Management Act 1999. Bank has further said that these restrictions are also applicable to remittances for participation in lottery like schemes functioning under different names.
Showing concern that fraudsters have now resorted to issuing certificates, letters, circulars on letter heads that looks like that of the RBI and purportedly signed by its executives, senior officials to make such offers look genuine, he urged the public to contact the enforcement wing of the RBI, whenever they receive such letters.
"The fraudsters also convince the victims by impersonating as senior officials of the RBI with telephone numbers and or fictions e-mail IDs. Many have opened accounts with banks in India and advised public to deposit money in these accounts towards people mailing such offers withdrawn the money and then vanish", Arnov Roy said.
Roy said that it has been brought to the notice of the RBI that frauds are seeking money from the gullible people under different heads such as processing fees, transaction fees, tax clearance charges, conversion charges, clearing fees etc.
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