RBI warns public against fictitious fund offers
Mumbai: Cautioning public against fictitious offers of large funds from unknown entities, the Reserve Bank on Thursday advised them again to not get carried away by such offers.
"The Reserve Bank of India, has today once again
clarified that remittance in any form towards participation in lottery schemes is prohibited under the Foreign Exchange Management Act, 1999," RBI said in a release.
Further, the RBI said that restrictions are also
applicable on remittances for participation in lottery-like
schemes functioning under different names.
The central bank clarified that it neither maintains any
account in the name of individuals, companies or trusts in
India to hold funds for disbursal nor does it allow
individuals to open an account to deposit money with the
"The Reserve Bank has advised the public not to remit or
deposit money in such accounts in response to fictitious
offers/ representations. The public may immediately bring the
details of such offers to the notice of local police
authorities for booking the culprits," the release added.
The warning comes in the wake of many people falling prey
to such tempting offers and losing money in the recent past.
The central bank has also cautioned the public in the
past asking them not to make any remittance towards
participation in such schemes or offers from unknown entities.
The Reserve Bank further said that in addition to making
offers through letters, e-mails, mobile phones, the fraudsters
have now resorted to issuing certificates, letters, circulars
on letter head that looks like that of the RBI`s.
"The fraudsters also convince the victims by
impersonating as senior officials of the Reserve Bank," it
The central bank said that many fraudsters have even
opened accounts with banks in India and advised public to
deposit money in these accounts.
"Once the money is deposited in their account, people
mailing such offers withdraw the money and then vanish. The
victim thus loses the money already paid."
More from India
More from World
More from Sports
More from Entertaiment
- UP: Jammu-bound Muri Express derails in Kaushambi
- Delhi's 2015 CBSE Class 12 topper M Gayatri talks to Zee Media
- Watch: Mumbai cops find new secret agents in housewives!
- One year of Modi govt: PM promises to fulfil aspirations
- No respite from heat for next three days: IMD
- One year of Modi govt: PM addresses mega rally in Mathura
- DNA: Sikh man in New Zealand removed his turban to help injured kid
- Police registers case after parachute-like objects were spotted over Mumbai airport
- Hundreds die as heat wave continues in India
- Growing medical negligence in Delhi's AIIMS
- 2G scam: Ex-TRAI chief alleges Manmohan Singh had warned him to cooperate
- DNA: AIIMS doctor removes both kidneys of minor, claims she had only one
- Pranab Mukherjee defends Bofors scam, says it was just a media trial
- Salman Khan attends sister Arpita's wedding reception in Mandi
- Zee Media's mega survey on Modi govt
- Check WBBSE (wbresults.nic.in) Class 12th Results: West Bengal Board (wbscvet.org) Higher Secondary Class XII Vocational Results to be declared today at 4 PM
- Two dead, over 100 injured as Muri Express derails in UP; Prabhu announces Rs 2 lakhs ex-gratia for kin of dead
- PM Narendra Modi's Mathura rally: As it happened
- Public rally on 100 days of AAP govt: As it happened
- One year of NDA govt: PM Modi writes open letter to nation, promises to transform India
- World optimistic about India: PM Narendra Modi on 1 year of NDA govt
- Unidentified flying objects spotted over Mumbai airport not motorised: Home Department
- Bharatiya Janata Party lacks majority for Ram Temple, Article 370: Amit Shah
- MSBSHSE Class 12th HSC results 2015 to be declared at 1pm tomorrow
- AAP govt moves resolution against MHA notification: As it happened
- China doesn't recognise 'illegal' McMahon Line: Beijing responds to NSA Ajit Doval
- CBSE 10th Results 2015 to be declared on May 27
- Arpita-Aayush wedding reception: Salman Khan spreads love in Mandi, says `hum aapke hain`
- Is there life after death?
- Rahul Gandhi takes a dig at one year of Modi govt, wishes 'happy birthday' to 'suit-boot ki sarkar'