Losing money and feeling cheated was an old story. Now you could be struggled under the Foreign Exchange Management Act (FEMA) for being a victim of the Nigerian fraud. RBI has issued a public notice guarding people against victims of this malpractice and advising them of the legal trap that they could fall into. The Nigerian of 419 scam first uncovered in India by CNBC-TV18 has now caught the attention of the regulator. RBI has issued public notices cautioning people against falling prey to the scam. The scammers hide behind an email and tempted people by promising an excessive amount either for winning a lottery or for helping him a late rulers's or rich man's wealth. The impostor also claims that he has an account with the Reserve Bank, through which the money transaction would take place. After this stage the scammer asks people to deposit money as processing fee and then disappears with this money. The RBI has now cautioned people against transferring money to any such accounts, as they do not hold any individual or institutional account for fund disbursal. Besides, remittance towards participation in such lottery schemes is prohibited under the Foreign Exchange Management Act. The money laundering mafia is working behind such issues sometimes. Apart for some arrests, Indian authorities have found it impossible to squeeze the fraud. Hope RBI's latest action to put the responsibility on the citizen falling prey to the malpractice could therefore help control the fraud.
Labels: Nigerian Scam
Posted on Monday, August 25, 2008
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