Hit-a-jackpot offers may leave you cashless

ALLAHABAD: Have you recently received an email or a SMS declaring that you have won a prize or lottery and must send some security money to a particular address in some foreign destination. Well, beware of such offers as they are nothing but a new trick adopted by frauds to dupe people of their money.  In fact, the Reserve Bank of India has launched a drive to make citizens aware of such fraudulent schemes and thus, protect them from being duped. The RBI officials explained the modus operandi of the tricksters.  One may receive a phone call or congratulatory message relating to winning a lottery or remittance of cheap funds in foreign currency from abroad or a job\scholarship or easy ways to get emigration visas\admissions to reputed overseas universities etc. One may be issued certificates, letters, circulars etc that may look like authentic papers of the RBI and would be supposedly signed by its top executives. At times, the tricksters convince the victims by even impersonating as senior RBI officials and hand out wrong telephone numbers or fictitious email IDs.  The fraudsters seek money from the gullible parties under different heads, such as processing fees, transaction fees, tax clearance charges, conversion charges, clearing fees etc. The potential victims of the fraud are persuaded to deposit the amount in accounts with various banks in the country. Once the initial amount demanded is deposited, the money is withdrawn immediately from the account and fresh demand is made for an even higher amount in the name of transaction tax, registration money, etc.  Most of the times, the caller or mailer says that the money is held in RBI in an account in the name of an individual\company\trust and that RBI will disburse the fund only when the amount asked for is deposited in the bank. But, the fact is that the RBI does not maintain any accounts in these categories. Further, RBI does not open accounts for individuals to deposit money with the bank. It also does not issue certificates or confirmations or receipts evidencing the holding of money in these accounts. The RBI does not authorise any of its officials for such disbursals.  If a person deposits the money in the account number mentioned in their mail, the amount is immediately withdrawn, thus the money is lost forever. However, more importantly, sending money abroad for lottery is a violation of the provisions of the Foreign Exchange Management Act, 1999.  In terms of the current account rules framed under the FEMA, remittances in any form towards participation in lottery schemes or lottery-like schemes, functioning under different names like money circulation scheme or remittances for the purpose of securing prize money\awards etc, are prohibited. Accordingly, action can be taken against any resident of the country for collecting and effecting or remitting such payments directly or indirectly outside India.