ZogamOnline

Dear Sir / Madam

We have been receiving many complaints from the general public about fraudulent communication, received through letters, e-mails, mobile phones, SMS, etc., relating to fictitious offers of cheap funds from abroad. Communications are also sent on fake letter-heads of the Reserve Bank of India and purportedly signed by its top executives / senior officials. Fraudsters seek money from the gullible people for different official sounding reasons and persuade them to deposit large amounts in accounts with various banks in India. The amounts deposited are albeit withdrawn immediately. Many residents have fallen prey to such offers and have lost large sums of money in the process.  

2.         We are concerned about such fraudulent methods as they result in monetary losses and cause mental agony to innocent victims. The Reserve Bank's image is also tarnished as our institution’s name is misused and our officials are impersonated by such fraudsters to lure gullible people. Further, the remittance of such funds outside India is a clear violation of the provisions of the Foreign Exchange Management Act, 1999.

3.         We have taken several steps to create awareness about such fictitious offers. Several A.P. (DIR Series) circulars were issued in the past cautioning the Authorised Dealer banks about such schemes, the latest in the series being the A.P. (DIR Series) circular no. 54 dated May 28, 2010. Also we have issued detailed press releases which are available on our website as a permanent ticker on the home page. Regional Directors / Officers-in- Charge of Regional Offices have been requested to give briefings / short interviews to the local media and the local television networks including cable TV networks. An integrated advertisement campaign, on electronic and print media, on a pan India basis, is on the anvil.

4.         We request all RBIites to be alert towards such fraudulent offers. We also request you to be the Bank’s ambassador in this matter and educate members of public in case you receive any calls from them enquiring about these fictitious offers. Kindly advise them to visit our website for clarifications. You may also caution your family members, friends and neighbours about the perils of such schemes and advise them to register a complaint immediately with the local police/anti- cyber crime authorities whenever they come across such offers or incidents.

In case you have any other suggestion to check this menace, please send it to cgmincfed@rbi.org.in

With regards,

Salim Gangadharan
Chief General Manager-in-Charge
Foreign Exchange Department
Central Office, RBI
Mumbai 400 001

Source: http://rbi.org.in

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