The Reserve Bank of India stopped its operations throughout the night because of the fraudulent offers of big sums of money made by deceitful traders in the form of letters and e-mails with the proposal of various lottery prizes as well as the financial support to schools and hospitals. The Reserve Bank of India has already made an announcement that appeals people not to believe such e-mails and letters and not to provide any payments to take part in such lotteries for the offers made by unknown entities.
Furthermore according to the Foreign Exchange Management Act taken in 1999 any payments made to participate in different lotteries are prohibited. The RBI noticed several frauds. They were made in the form of the letter that offers residents to invest some amount of money into schools and hospitals. It was also noticed that the foreign entities or individuals representing them made the offers. They have commonly tried to find out the information about the bank account of the resident and ask for small amount of money paid as a first payment to have an ability to transfer the rest of the money from the residents account.
According to official sources the fraud operators even presented certain documents on the bank accounts registered on the name of individuals and entities with RBI. However the Bank said there are no such accounts for disbursal of funds.
Such situations are not the new one especially for Internet users that are often spammed with such offers. For instance, recently there was an offer to employ in the oil industry company in Nigeria. Each candidate was asked to transfer $5,000 to cover certain expenses of the company. However the inquiry made into External Affairs Ministry said that this company was bogus one.