Frauds - Avoid Getting Enticed

 Frauds. Avoid Getting Enticed please. Sept 2021

by Dinesh K Kapila

An acquaintance rang me up and requested me if I knew anyone at the RBI (Reserve Bank of India). I inquired what was his concern with the RBI, after all being the Central Bank of the nation, it would normally not have any connection with an individual. He said a certain amount was to be paid by the GoI through the RBI to him, the RBI had asked for receipts to be signed prior to the release of funds, he had done so but the credit of funds was awaited. I immediately called him over. He had through an acquaintance purchased four life insurance policies for his granddaughter. He was assured it was for a couple of years. When the notice for payment of the Premium continued he asked for the policies to be closed and the amount refunded. Then he got a phone call (makes me suspect someone within tips off the scamsters) that at his insistence all four policies (different companies- how do they know) would be encashed. The person introduced himself as a facilitator from a Brokerage House. Meanwhile he wrote to the IRDA about the mis-selling and got the standard response.

The facilitator told him that the total value of the policies if they had continued was close to Rs one crore, he was arranging with considerable effort to get him the total amount but after paying off certain officers and agents. This amount he had to pay. Call it incentive if you will. Slowly he kept saying the officers were demanding more and thus extracted a large amount through four channels (He told me the names), I have never ever heard the names of these companies.

My acquaintance got suspicious, they then generated receipts of the RBI, written Reserve Bank of India with the Central Bank of India words and logo of both the RBI and GOI. One look, I told they were fake. Even Rs lakh was written as Rs lack. He then showed me a letterhead from the Governor RBI. I told him again a fake. The Governor RBI was an august figure and was not about to write letters etc of credit to accounts.

He then requested me to speak to certain officers from the GoI MOF. I saw they were mobile numbers. I asked for the landline numbers. Plus the GoI and MOF had no role in this. I told him he should acknowledge to himself he had been defrauded and just rush to the Police. Well we tried the mobile number. A smooth talking guy, and after a long long talk had the gall to ask a couple of lakhs more ! I in two minutes told this guy to get the address - next to impossible - I know, but he somehow wanted to believe the guy, maybe as a lifeline.

Phone call over, he looked forlorn. I felt sad for him. It is hard earned money. He said he would go to the Police. I told him please do and helped him draft letters to the GOI and RBI just to let them know the mode of the fraud.

PS

My policy with an insurer was fully paid up. I got a call from a person stating he had been appointed as a facilitator and would enable the payment. I refused, but on a busy day maybe I would have erred and provided sensitive information but how did he know about my policy. My payment came smoothly later. Another case I know is of a person getting a call that a good discount had to be extended to him but he had to type PORT to a number. The person was alert and disconnected. Many would have.

I want to share another example. A Professor stated he had been contacted by the Deputy Governor RBI (no less !) to pay an amount for not paying his income tax as per rules. He was told it was not possible at all plus the RBI never discussed income tax. He stated later that the DG was a good guy with a soft heart and accepted only Rs 25,000/- as the income tax. He even had some sort of a receipt !! Now what to say.

Be careful folks.

(A response to a message. We must pay to the Company only, Insurance Company or Bank, always directly. Never to a broker. No Brokerage or facilitator is authorised to arrange payments between a Bank / Insurer and the individual. In case of any doubt, don’t pay, visit the Branch. They will guide you. And understand they play upon our weakness for a discount or a payment much higher than we anticipated. Kindly be obsessed with your passwords and their safety).

5Mannjit Singh, Amber Bhardwaj and 3 others

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