RBI Advisory - Do Not Pay Money To Receive Large Funds From Abroad

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Do Not Pay Money to receive Large Funds from Abroad : Reserve Bank of India Advisory

Press Release : 2010-2011/1177

The Reserve Bank has today once again issued an advisory cautioning the members of public against responding in any manner to offers of moneys from abroad. It has stated that such offers are fraudulent and has advised the public to immediately register a complaint with the local police/ cyber crime authorities when they receive such offers or become a victim of any such fraud.

Members of public have also been cautioned against making any remittance towards participation in such schemes/offers from unknown entities since such remittances are illegal and any resident in India collecting and effecting/remitting such payments directly/indirectly outside India is liable to be proceeded against for contravention of the Foreign Exchange Management Act, 1999. They are also liable for violation of regulations relating to Know Your Customer (KYC) norms/Anti Money Laundering (AML) standards.

The Reserve Bank has further stated that it does not undertake any type of money arrangement, by whatever name called, and it does not take any responsibility for recovering moneys remitted in response to such bogus communication.

For any further clarification in the matter, the Reserve Bank has advised the public to contact the officials of the Foreign Exchange Department at its various Regional Offices or at its Central Office, Foreign Exchange Department on telephone numbers 022- 22610589 / 22610618 or 2260 1000 extn. 2772 / 2732 during office hours (9.45 hours to 17.45 hours Monday to Friday) or seek clarification by e-mail . The public may also refer to the cautionary advices hosted on the home page of the RBI website (www.rbi.org.in) as a ticker for more information.

The Reserve Bank has stated that it has urged the Indian Banks' Association and banks to educate their customers to be extra vigilant with regard to such fictitious offers. Banks have also been advised to take up with law enforcing agencies whenever accounts of their customers are misused for such fraudulent activities.

How do the Fraudsters operate?

The Reserve Bank of India has, on several occasions in the past, cautioned the members of public not to fall prey to fictitious offers / lottery winnings / remittance of cheap funds in foreign currency from abroad by so-called foreign entities/ individuals or to Indian residents acting as representatives of such entities/individuals. Describing the manner in which the fraudsters operate, the Reserve Bank has stated that the fraudsters send attractive offers to gullible public through letters, e-mails, mobile phones, SMSs, etc. To lend credence to such offers, the communication is often sent on/ from letterheads /websites that appear to be like that of some public authorities like the Reserve Bank of India. The offers are apparently signed by top executives/senior officials of such authorities. However, only the names of the officials may be correct but their signatures are faked. The offer document would contain contact details of a so-called RBI officer working in some department in the Reserve Bank/Public Authorities.

The fraudsters initially ask potential victims to deposit small sums of money for different official sounding reasons, such as, processing fees/ transaction fees/tax clearance charges/conversion charges, clearing fees, etc. The victims are asked to deposit the money in certain accounts in banks. The fraudsters often have multiple accounts in the name of individuals or proprietary concerns in different bank branches for collecting such charges. Often gullible genuine account holders are persuaded by the fraudsters to lend their accounts for such fraudulent activities on the promise of receiving some commission. Once the initial amount is deposited, demands for more money follow with more official sounding reasons. After accumulating a sizeable amount in these accounts, the fraudsters withdraw or transfer the money abroad and vanish leaving the victims in a lurch. Many residents have already become victims and have lost huge sums of money by falling for such fictitious offers.

Alpana Killawala

Chief General Manager

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Kiran Bedi impersonated in Nigerian phishing scam

Times of India. Mar 13, 2011

MUMBAI: In a devious masterstroke, the identity of the country's most famous crime-buster has been stolen to perpetuate the notorious Nigerian fraud. None other than supercop Kiran Bedi has been impersonated in a new email that is in circulation.

In a novel method of extorting money, the impostor warns that she is fighting the scam on behalf of the United Nations, and that anybody whose money is stuck with the conmen should pay only her to secure a bounty of five million dollars.

Introducing herself as crime fighter Kiran Bedi, the impostor goes on to say she has been mandated to come to Africa to investigate the Nigerian fraud as a civilian police adviser to the United Nations. Incidentally, Bedi's website says she did serve in that capacity in 2003.

The email goes on to say how Bedi is baffled to discover how the recipient's funds from Africa, which were intercepted, have not been released despite being cleared by the "Nigerian presidency". She sympathizes with those who have spent much money to transfer the monies into their account, and then claims to have apprehended some syndicates who have confessed to the fraud and indicted some top level bankers. Saucily, the letter says these "ruthless Nigerians" have impersonated top UN officers like secretary general Ban Ki Moon to work their ruse.

"The World Bank and Mr Bank Ki-Moon (sic) have instructed that the Federal Government of Nigeria must pay an amount of USD 5 million to each of the people whose names were found in the list," the note says. "The amount must be paid in the next 14 banking days or an Economic Sanction will be placed on Nigeria by the UN and other international Organizations."

The piece de resistance comes as the "UN Crime Fighting Officer" signs off. Instructing the recipient not to pay any money to any bank or individual in Nigeria, she says there is "one fee that covers every other fee"—a UN Police Fund Clearance Report Fee that must be paid directly to Bedi's office. Non-compliance could result in the windfall of USD 5 million being forfeited. TOI tried to contact Kiran Bedi over three days and referred the matter to her as well as her office via phone calls, SMS and email but she did not respond.

Meanwhile, a steady stream of emails and SMSes promising prizes and windfalls continues to spam inboxes and cellphones. The cyber crime cell of the Mumbai police has advised the public to never respond and simply delete the message.

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See How The Fraudsters Are Using RBI Name to Con You in Disclosing Sensitive Financial Info... Be Very Careful...

Received The Following Email... It's showing sender as alert@rbi.org.in but obviously it's coming from a phishing site..

Fortunately Gmail is alerting with this warning message... Warning: This message may not be from whom it claims to be. Beware of following any links in it or of providing the sender with any personal information.

Alert: One Time Password (OTP) Registration

To All Net Banking Users,

Starting from June 1, 2011 all Internet Based transactions made via Online Web Interface will require an additional One Time Password (OTP).

This requirement has been made mandatory by the Reserve Bank of India (RBI). Introduction of OTP is intended to reduce the possibility of fraudulent transactions and would safeguard you, the customer.

Kindly submit the form attached to this email in order to enroll your Online Bank Account in the new online protection System.

If you are using Internet Explorer please allow ActiveX for scripts to perform all data transfers securely.

Some E-mail Account users like gmail and sify might view a warning at the header of this message. Kindly note that this is normal.

Beware of Phishing

Reserve Bank of India (OTP) Enrollment form.pdf.html