RBI cautions public against fictitious offers

PTI | June 7, 2011



The Reserve Bank of India (RBI) has advised public not to fall prey to fictitious information of being beneficiary of funds such as those from winning lotteries.

This misleading information claims remittance of such funds by overseas entities to banks in the country.

Remittance in any form towards participation in lottery schemes is prohibited under the Foreign Exchange Management Act, 1999, RBI's Regional Director Jasbir Singh told reporters here today.

These fictitious offers are made through letters, e-mails, mobile phones, SMS, he said.

Singh said the fraudsters were now resorting to issue of certificates, letters, circulars sent through e-mail on letterheads that look like that of RBI and purportedly signed by its top officials to make them appear genuine.

"The fraudsters also convince the victims by impersonating as senior officials of the RBI with telephone numbers and fictitious e-mails IDs," he said.

He said these elements were trying to take money from the gullible people under different heads such as processing fees, transaction fees, tax clearance charges, conversion charges and clearing charges.

The victims of fraud are persuaded to deposit the amount in accounts with banks in India and such amounts are immediately withdrawn, he said adding that multiple accounts were being opened in the name of individuals or proprietary concerns at different bank branches for collecting transaction charges etc.

The RBI advice came in the wake of many residents falling prey to such tempting offers and losing money.

He advised victims to register their complaints with cyber crime of police.

Comments

 

Other News

How the mind can help the body heal itself

Why do some people recover from illness against all odds? Can our beliefs, emotions and consciousness influence the body’s ability to heal? Drawing on over three decades of experience in medicine, research and medical innovation, internationally trained ophthalmologist and author Dr Dinesh Verma ex

1,364 anti-cancer formulations to cost less from today

The National Pharmaceutical Pricing Authority (NPPA), under the Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, has capped trade margins on the Maximum Retail Price (MRP) of 137 anti-cancer drugs. This was based on the recommendations of an Expert Committee constitute

Who checks the books?

I read about the news about the Coimbatore library over coffee this morning. On the face of it, the headline was about a political ‘war’ between the DMK and TVK. But what stayed with me was something much more important than the blame game behind what had transpired. A writer walking through

Development paradox: Falling poverty miracle and an inequality problem

India’s reduction in poverty over the past decade is a development achievement of considerable significance. The World Bank’s April 2026 ‘India Development Update’ estimates that the share of Indians living below the international extreme-poverty line of $3.00 per person per day i

In Arunachal, a river we call mother

In Arunachal Pradesh, the Siang is not just a river. For many of us, especially the Adi people, it is part of our family. Our grandparents fished in it. Children learned to swim in it. Our farms drink from it. When someone says a huge dam will be built on it, we do not hear the word "project".

A new retelling of the Mahabharata delves into key moments

In a time when every decision carries consequences and questions of ambition, power, loyalty, identity and moral choice continue to shape our lives, Dr. Arun Krishnan’s new book, ‘Mahakshana’ (Penguin India) offers a strikingly relevant retelling of the Mahabharata.  

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter