The Reserve Bank of India, RBI, has cautioned the public against falling prey to fictitious offers of cheap funds that are rampant in recent times. In a press statement at Guwahati, the RBI said, the fraudsters often lure the public in the form of lottery prize money through letters, e-mails, SMS etc. It said such fraudulent communications were even sent on fake letterheads of the Reserve Bank of India or other reputed organizations, purportedly signed by their top executives or senior officials.

The Bank said, many residents have fallen victims to such tempting offers, and in the process, have lost huge sums of money. The fraudsters seek money from people, under different heads such as, processing fees, transaction fee, tax clearance charges, conversion charges, clearing fee etc.

They open multiple accounts in banks in the name of individuals or proprietary concerns in different bank branches for receiving such payments. The amount so remitted is withdrawn immediately, leaving the victims in the lurch.

The RBI has advised the public not to remit or deposit any amount in response to any fictitious offers of easy money through lottery or prizes received mainly through letters, email or SMS.

The bank has also clarified that it does not maintain any account in the names of individual, companies or trust to hold funds for disbursal. The RBI has further ruled out any possibility of it asking people to deposit money in any account.

The Bank has also warned the public that making any type of remittance towards participation in schemes of lotteries or offers from unknown entities abroad or their agents in India is illegal.


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  1. CA. Subhash Chandra Podder says:

    RBI has done their duties by cautioning to the public at large . It is up to the persons whether he/she will step into the transactions . If they suffer and violate the rules regulators , investigating agencies will take appropriate steps on the case to case basis and /or as per the Laws of the country . RBI has rightly cautioned .
    CA. Subhash Chandra Podder


    Has the RBI or MoF,GOI made any efforts to grab and punish the fraudsters? The public may forward the mails received from fraudsters for the agencies to act upon if a common e-mail id is provided and publicised in public interest.

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September 2021