New Delhi, (Agencies): Cautioning the people against fictitious offers of receiving money from abroad, the Reserve Bank of India (RBI) on Tuesday said such transactions were illegal and the general public should not fall in the trap.


'Any resident in India collecting and effecting/remitting such payments directly or indirectly outside India is liable to be proceeded against for contravention of the Foreign Exchange Management Act,' it said. 

 They are also liable for violation of regulations relating to 'know your customer' norms and anti-money laundering standards. 


 The central bank has advised the general public to immediately file a complaint with local police or cyber crime authorities against such fictitious offers.

 These offers of receiving huge sums of money from abroad come in various forms, including lottery winnings, remittance of cheap funds in foreign currency by so-called foreign entities, individuals or to Indian residents acting as representatives of such entities.

'Many residents have already become victims and have lost huge sums of money by falling for such fictitious offers,' the RBI said.