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TMI BlogComplaints on Ponzi SchemesX X X X Extracts X X X X X X X X Extracts X X X X ..... Complaints on Ponzi Schemes X X X X Extracts X X X X X X X X Extracts X X X X ..... Bank of India (RBI) has reported that as and when any complaint is received alleging cheating/fraud by entities by way of falsely promising high returns/running money circulation schemes, etc. the same is forwarded to the appropriate Government agency for taking necessary action in such matter. Further, RBI has also advised banks to be careful in opening of accounts of the marketing/trading agen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cy, etc. and ensure strict compliance with the Know Your Customer (KYC) and Anti Money Laundering (AML) guidelines of RBI. In cases where accounts have already been opened in the names of the marketing agencies, retail traders, investment firms, etc; the Banks have been advised to undertake quick reviews of operations in such accounts particularly in cases where large number of cheque books have b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... een requested or issued. RBI has also informed the members of the public by a press release dated 10.01.2012, to register a complaint with local police/cyber crime authorities whenever they received any fictitious offer or they are victims of such offers. RBI has also been sensitizing the state Governments that Multi-Level Marketing (MLM) schemes fall under the Prize Chits and Money Circulation S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cheme (Banning) Act, 1978 and they should take appropriate necessary action whenever instances of MLM are reported to them.
This was stated by the Minister of State for Finance, Shri Namo Narain Meena in written reply to a question in the Rajya Sabha today.
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