The Reserve Bank of India (RBI) has cautioned the public and banks that fraudsters, by misusing name of RBI are duping innocent investors by charging money for fake cheap funds. The apex has asked the people and banks not to fall prey to such fictitious offers.
RBI, through circular issued to banks has cautioned banks that in recent times there has been increase in fictitious offers of cheap funds from fraudsters and these offers are being send through letters, e-mails, mobile phones, SMS, etc.
The Reserve Bank while giving details of the modalities of the fraudsters, informed that to target people, fraudsters are using fake letterheads of the RBI for communication which allegedly have signatures of its top executives/senior officials.
A large number of people have become victims of such teasing offers and have lost huge sums of money in the process.
Chief General Manager, RBI Alpana Killawala said, “It was further brought to the Reserve Bank’s notice that fraudsters sought money from gullible people, under different heads, such as, processing fees/transaction fees/tax clearance charges/conversion charges, clearing fees, etc.”
The apex bank has clarified that any person residing in India found collecting and remitting such payments directly or indirectly outside India is liable to be proceeded against with, for breach of the Foreign Exchange Management Act, 1999 apart from being liable for violation of regulations relating to Know Your Customer (KYC) norms and Anti Money Laundering (AML) standards.
To collect transaction charges etc, the fraudsters open multiple accounts in different banks in the name of individuals or proprietary concerns. They convince the victims to deposit certain amount in these accounts. The amounts are withdrawn leaving victims in a dilemma
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