From: CGM-In-C FED
Sent: Friday, 28 January 2011 10:08 AM
To: All RBI Users
Subject: Message to all RBIites
FOREIGN EXCHANGE DEPARTMENT
Central Office
Fictitious Offers of Cheap Funds from Abroad - Awareness
Dear Sir / Madam,
Foreign Exchange Department, Central Office had sent a detailed communication to the RBI fraternity on June 14, 2010, in the matter of fictitious offers of cheap funds from abroad. We have been receiving several 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 the fake letter-heads of the Reserve Bank of India with the fake signatures of its top executives / senior officials. There have also been several instances of fraudulent communications being sent from fake websites which are the lookalike of the Reserve Bank website. 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 The amounts deposited are withdrawn immediately. Many residents, across the country, 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, as under:
· A.P. ( DIR Series ) Circular no 54 was issued on May 26, 2010, in addition to the two circulars issued in the past viz. A.P. ( DIR Series ) Circular no. 2 dated July 27, 2001 and A.P. ( DIR Series ) Circular no. 49 dated June 4, 2002.
· Detailed press releases in the matter are available on our website as a permanent ticker on the home page. These Press Releases are also available at the multi language site.
· Regional Directors / Officers-in-Charge of Regional Offices have given briefings / short interviews to the local media and the local television networks including cable TV networks.
· FED, ROs are carrying out the campaigns through various fora, on a continuous basis.
· The publicity material to counter the fictitious offers campaign has been included as a part of the outreach programme / financial literacy campaigns being undertaken by the RBI Regional Offices.
· During 2010, Department of Communication (DoC) in coordination with the the Directorate of Advertising & Visual Publicity (DAVP), Ministry of Consumer Affairs, had released 45 seconds spots advertisements on Doordarshan under the ‘Jago Grahak Jago’ programme, free of cost. Further, DoC through the DAVP had released the same advertisements in 10 cable and satellite television channels.
· 10 seconds Radio spots have been made on FM Radio channels.
· Internet publicity on popular email portals have been carried out.
· Advertisement campaigns involving two 45 seconds spots in 2000 cinema halls have been made.
· SMS alert campaigns involving 5 consecutive messages to 18 crore subscribers have been made recently.
· Indian Banks Association was roped in to place suitable warnings / alerts on their website to spread awareness and also to involve the banking community in the campaign and making them and the general public alert and vigilant about the fraudulent offers.
· Department of Information Technology, CO, is coordinating with Indian Computer Emergency Response Team (CERT- In) in tracking the origin of fake emails / websites of RBI, to take appropriate action and issue notices / guidelines to service providers.
· Reserve Bank is taking coordinated action with the various law enforcing agencies.
The multipronged approach adopted by the Bank to counter the menace has made an impact as evident from the growing number of people seeking confirmation from us about the genuineness of the messages pertaining to the fictitious offers. However, we are re-launching the awareness campaign at a heightened level.
4. We once again request all RBIites to be alert towards the 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/cyber crime authorities whenever they come across such offers or incidents.
We had received several suggestions from you in the past. In case you have any other suggestion to check this menace, please send it to cgmincfed@rbi.org.in
With regards,
G.Jaganmohan Rao
Chief General Manager-in-Charge
Foreign Exchange Department
Central Office
Mumbai 400 001