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RBI warns public of lottery scams using its name
Published on 31 Jul. 2009 11:33 PM IST
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The RBI has warned the public of a ‘lottery’ scam doing the rounds, which fraudulently invokes the central bank’s authority, besides the promise of windfall gains, to lure people into parting with big amounts of money. The RBI stated that the new ‘scheme’ names an individual as the winner of a lottery running into millions of dollars kept with the banking regulator. The catch: The winner has to transfer some money into a bank account to take care of administrative and other expenses for the winner. In an attempt to give the game an authentic look, the fraudsters are faking RBI certificates, complete with the name, designation and signature of some of central bank’s officers. The RBI warned the public that it does not maintain any account in the name of individuals, companies, or trusts in India to hold funds for disbursal. It also does not allow individuals to open an account to deposit money with the RBI.

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