Dear Readers Reserve Bank of India (RBI) has advised that they are receiving several complaints on fraudulent emails relating to fictitious offers/lottery winnings/employment offers/scholarships offers/remittance of cheap funds in foreign currency from abroad. These are perpetrated by certain foreign entities/individuals, including Indian residents acting as representatives of such entities/individuals. Do not respond to such emails as they may be part of a fraud and you will not receive any of the promised money.These fictitious offers are generally made through letters, emails, mobile phones, SMS etc. We are attaching public awareness information issued from RBI in this regard. If you receive any such request or feel suspicious about any email, SMS or Phone call, do not respond. Please contact the local police/cyber crime cell to register a complaint. Regards, Indian-Share-Tips.Com
We are producing below the FAQs on Fictitious Mails
Q1. What are the different methods adopted by the fraudsters to cheat the public? A. Fictitious offers may relate to lottery winnings / remittance of cheap funds in foreign currency from abroad / employment offers / scholarship offers / job offers / emigration visas / admissions to reputed overseas universities, etc. They are generally made through letters, e-mails, mobile phones, SMS, etc. Apart from the typical modalities adopted in the past, the fraudsters are now resorting to issue of certificates, letters, circulars, etc., which are sent through e-mail, on letter-heads that look like that of the Reserve Bank of India and purportedly signed by its top executives / senior officials to make them appear as genuine. The fraudsters also convince the victims by impersonating as senior officials of the Reserve Bank with telephone numbers and/or fictitious e-mail IDs. Fraudsters seek money from the gullible people, under different heads, such as, processing fees / transaction fees / tax clearance charges / conversion charges, clearing fees, etc. The potential victims of the fraud are persuaded to deposit the amount in accounts with various banks in India. Once the initial amount demanded is deposited, the money is withdrawn immediately from the account and fresh demands for an even higher amount follows in the name of transaction tax, registration money, etc.
Q2. What is fictitious about such offers?
A. Unfortunately everything about these offers is fictitious -from the email IDs used to contact the potential victims to the person calling on phone and also the offer itself.
Q3. But the caller or mailer states that the money is held in RBI in an account In the name of individual I company I trust and that RBI will disburse the fund only when the amount asked for is deposited in the bank?
A. The Reserve Bank does not maintain any accounts in the names of individuals / companies / trusts, etc., for disbursals. RBI also does not open accounts for individuals to deposit money with the Reserve Bank. Further, RBI does not issue certificates or confirmations or receipts evidencing the holding of money in these accounts. The Reserve Bank does not authorise any of its officials for such disbursals.
Q4. What if someone still remits the money for participating in these schemes I offers?
A. The money that is deposited in the account is withdrawn almost immediately after it has been deposited. So naturally the money is lost, but more importantly, the individual has violated the provisions of the Foreign Exchange Management Act, 1999 by doing this. In terms of the Current Account Rules framed under the Foreign Exchange Management Act, 1999, remittances in any Page 2 form towards participation in lottery schemes or lottery like schemes, functioning under different names like money circulation scheme or remittances for the purpose of securing prize money / awards etc., are prohibited. Accordingly, action can betaken against any person resident in India for collecting and effecting I remitting such payments directly / indirectly outside India for contravention of the Foreign Exchange Management Act, 1999.
Q5. Why is RBI concerned about these frauds?
A. Many people have become victims of such fictitious offers of cheap funt1s and have lost huge sums of money. Further, sending remittances outside India for this purpose is against the provisions of FEMA, 1999. Even though RBI does not maintain any accounts in the names of individuals I companies I trusts, etc., for disbursals, letters / certificates, etc. on fake RBI letter heads and purportedly signed by its top executives are in circulation. Also the fraudsters impersonate the officers of the Reserve Bank and contact the victims over phone by giving telephone numbers and fake email IDs, in the matter. There have been attempts to duplicate the Reserve Bank website to lure the public.
Q6. What are the measures taken by RBI to sensitise the banks and public in the matter?
A. a) The Reserve Bank has issued may AP.(DIR Series) circulars in the past cautioning the banks authorized to deal in foreign exchange (called Authorised Dealer banks) about such frauds, the latest in the series being AP. (DIR Series) circular no 54 dated May 26, 2010. b) RBI has issued press releases to caution the public against such fictitious offers which are available on its website www.rbidotorgdotin as a permanent ticker. c) It has publicized the same in electronic and print media under the Jago Grahak Jago programme in coordination with Government of India. d) We also advise the people who approach us for clarifications about such fraudulent offers to file complaints with the local police.
Q7. Why is RBI not investigating such crimes?
A. The Reserve Bank does not have any investigative powers to trace and book the culprits. Directorate of Enforcement is the investigating agency under FEMA, 1999. The victims of frauds should approach the local police which is authorized to take action against such fraudsters and also ensure that such frauds do not occur in future.
Q8. What should an individual do when we receive such fake offers?
A. The citizens should ignore such communications and not pay any money to participate in such schemes. They should immediately contact the local police / Cyber Crime Cell to register their complaint. In case of any doubts regarding such fictitious offers received, the public may refer to the Reserve Bank's website for clarifications. Hope our effort will help the readers to be aware of Fictitious Offers/Lottery Winnings/Cheap Fund Offers and will not fall into a trap which is laid on unsuspecting targets. Please circulate the URL of this webpage to your friends and colleagues to help them also get aware of the modusoperandi.
We are producing below the FAQs on Fictitious Mails
Q1. What are the different methods adopted by the fraudsters to cheat the public? A. Fictitious offers may relate to lottery winnings / remittance of cheap funds in foreign currency from abroad / employment offers / scholarship offers / job offers / emigration visas / admissions to reputed overseas universities, etc. They are generally made through letters, e-mails, mobile phones, SMS, etc. Apart from the typical modalities adopted in the past, the fraudsters are now resorting to issue of certificates, letters, circulars, etc., which are sent through e-mail, on letter-heads that look like that of the Reserve Bank of India and purportedly signed by its top executives / senior officials to make them appear as genuine. The fraudsters also convince the victims by impersonating as senior officials of the Reserve Bank with telephone numbers and/or fictitious e-mail IDs. Fraudsters seek money from the gullible people, under different heads, such as, processing fees / transaction fees / tax clearance charges / conversion charges, clearing fees, etc. The potential victims of the fraud are persuaded to deposit the amount in accounts with various banks in India. Once the initial amount demanded is deposited, the money is withdrawn immediately from the account and fresh demands for an even higher amount follows in the name of transaction tax, registration money, etc.
Q2. What is fictitious about such offers?
A. Unfortunately everything about these offers is fictitious -from the email IDs used to contact the potential victims to the person calling on phone and also the offer itself.
Q3. But the caller or mailer states that the money is held in RBI in an account In the name of individual I company I trust and that RBI will disburse the fund only when the amount asked for is deposited in the bank?
A. The Reserve Bank does not maintain any accounts in the names of individuals / companies / trusts, etc., for disbursals. RBI also does not open accounts for individuals to deposit money with the Reserve Bank. Further, RBI does not issue certificates or confirmations or receipts evidencing the holding of money in these accounts. The Reserve Bank does not authorise any of its officials for such disbursals.
Q4. What if someone still remits the money for participating in these schemes I offers?
A. The money that is deposited in the account is withdrawn almost immediately after it has been deposited. So naturally the money is lost, but more importantly, the individual has violated the provisions of the Foreign Exchange Management Act, 1999 by doing this. In terms of the Current Account Rules framed under the Foreign Exchange Management Act, 1999, remittances in any Page 2 form towards participation in lottery schemes or lottery like schemes, functioning under different names like money circulation scheme or remittances for the purpose of securing prize money / awards etc., are prohibited. Accordingly, action can betaken against any person resident in India for collecting and effecting I remitting such payments directly / indirectly outside India for contravention of the Foreign Exchange Management Act, 1999.
Q5. Why is RBI concerned about these frauds?
A. Many people have become victims of such fictitious offers of cheap funt1s and have lost huge sums of money. Further, sending remittances outside India for this purpose is against the provisions of FEMA, 1999. Even though RBI does not maintain any accounts in the names of individuals I companies I trusts, etc., for disbursals, letters / certificates, etc. on fake RBI letter heads and purportedly signed by its top executives are in circulation. Also the fraudsters impersonate the officers of the Reserve Bank and contact the victims over phone by giving telephone numbers and fake email IDs, in the matter. There have been attempts to duplicate the Reserve Bank website to lure the public.
Q6. What are the measures taken by RBI to sensitise the banks and public in the matter?
A. a) The Reserve Bank has issued may AP.(DIR Series) circulars in the past cautioning the banks authorized to deal in foreign exchange (called Authorised Dealer banks) about such frauds, the latest in the series being AP. (DIR Series) circular no 54 dated May 26, 2010. b) RBI has issued press releases to caution the public against such fictitious offers which are available on its website www.rbidotorgdotin as a permanent ticker. c) It has publicized the same in electronic and print media under the Jago Grahak Jago programme in coordination with Government of India. d) We also advise the people who approach us for clarifications about such fraudulent offers to file complaints with the local police.
Q7. Why is RBI not investigating such crimes?
A. The Reserve Bank does not have any investigative powers to trace and book the culprits. Directorate of Enforcement is the investigating agency under FEMA, 1999. The victims of frauds should approach the local police which is authorized to take action against such fraudsters and also ensure that such frauds do not occur in future.
Q8. What should an individual do when we receive such fake offers?
A. The citizens should ignore such communications and not pay any money to participate in such schemes. They should immediately contact the local police / Cyber Crime Cell to register their complaint. In case of any doubts regarding such fictitious offers received, the public may refer to the Reserve Bank's website for clarifications. Hope our effort will help the readers to be aware of Fictitious Offers/Lottery Winnings/Cheap Fund Offers and will not fall into a trap which is laid on unsuspecting targets. Please circulate the URL of this webpage to your friends and colleagues to help them also get aware of the modusoperandi.
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