Beware at ATM centres and Bank

Precautions to be taken at Banks and ATM centres:
1.Do transaction with the Banks authorised by RBI
2.Do verify and check your monthly statements
3. Demand the bank for monthly statements.
4 Don't sponsor unknown persons to Bank
5. Don't give your username and passwords to any third persons.
6. Don't allow third and unknown persons to use your accounts for change of their DDs and cheques because they may be fake, forged or dubious.
7. Don't do sign on the cheques in advance
8. Don't keep your cheques openly.
9. If you find any suspicion or lose of your cheques, immediately place a request before the bank to cancel the cheque leaf.
10. Do verify with the bank that the phone number supplied by you is being used by the bank for your transactions or not.
Cheatings outside Bank
1. After withdrawing money, immediately rush to your destiny and avoid to stop in the enroute
2. Do observe whether any person is following or not
3. Some persons will try to shift our attention with different pleas like Air in tyre is deterioating in your vehicle, Some obnoxious substance in your shirt, you cash fell on the ground, some body call you behind etc. In such circumstances, don't response to that person and go ahead for some distance and confirm it with some other person whom you trust to be genuine.

Rs.80 lakh cheating in the name of chits

Hyderabad: 15/9/2009

One person cheated Rs.80 lakh in the name of chits and high interest. Be careful.

Cheating in the name of Deposits in ICICI Bank

Eenaadu: 11/9/2009

There was a cheating in the name of deposits in ICICI Bank.
The Modus operandi is that one person introduced himself as Executive of ICICI Bank and conviced the Retd. Professor that if the unpaid instalments of insurance be paid, it would be revived and committed cheating of 5 lakhs.

Online fraud of ICICI Bank Account

Eenaadu: 11/9/2009 There was an online cheating of cash Rs.1 lakh in ICICI Bank.

The Modus operandi is that one E-mail request was received by the customer that account details are being updated and asked to furnish the password details. After receipt of the credential details, the amount in the account was credited to other accounts and was withdrawn in Mumbai.

Some fake notes are being received in ATM counters. Please be cautious.

Doctors in Gold Quest fraud

WARANGAL: The GoldQuest scam rocked Warangal district with police booking cases against District Medical and Health Officer Vijayapal, 32 prominent doctors and 30 other professionals for allegedly duping people through the network. The cases were booked at the Geesukonda police station in the district as per the directive of the IIIrd additional magistrate court here on Saturday. In response to a petition filed by a Vijayawada-based NGO — Corporate Frauds Watch Society — the court directed the Geesukonda police to investigate the case and submit a report. They were booked under sections of the Prize Chits and Money Circulation Schemes (Banning) Act 1978, as well as IPC 420, 385 R/W 34.

According to the complaint, several influential persons like doctors, lawyers and officials of various government departments have joined GoldQuest as member-promoters and are organising meetings and seminars in villages and towns to attract people to join the scheme with false promises.

After joining the scheme by paying huge sums, each member has to enrol more people and buy certain products being distributed by the company. They are promised huge commissions in return. Attracted by glib talk of people known to him, one Chandam Shiv Kumar of Viswanadhapuram village of Geesugonda mandal in the district and one of the petitioners, joined the scheme by paying Rs 32,000 and a registration fee of Rs 460. They gave him a six-gram gold coin and an e-card receipt. When he brought to the organisers' notice that the worth of the gold coin he got was not more than Rs 6,000 and that he was also not getting any commission, they told him that he would get commission only if he enrolled new members. The NGO, after conducting inquiries into the activities of the firm, declared that the scheme was a fraud and being run in gross violation of the Prize, Chits and Money Circulation Act.

The police also booked cases against the GoldQuest managing director, Pushpa Appala Naidu, chief executive officer Vijay Eshwaran, managers Joseph, Padma and Srinivasan.

Times of India Article:http://www1.timesofindia.indiatimes.com/articleshow/3130246.cms

Around Rs 300 crore swindled was reported this year in 2008 in Andhra Pradesh

Around Rs 300 crore was swindled this year in the state. Crimes by non-banking financial institutions and real estate-related crimes lead the list.Hyderabad, Cyberabad, Vijayawada, Karimnagar, Guntur, West Godavari and Visakhapatnam lead the list for such crimes.According to the statistics of the State Crime Records Bureau (SCRB),
Rs 282 crore was swindled by non-banking financial corporations (NBFC), stock market scams and money circulation schemes.
In land scams by individuals around Rs 63 crore was swindled.Cheating cases constitute the majority of crimes at 87 per cent followed by criminal breach of trust at 10 per cent.Around 1,100 to 1,300 offenders have been arrested in these cases this year in the state.
At least 467 cases are under investigation and only 96 cases are chargesheeted.False gift schemes, money circulation schemes, multi- level marketing, promise of high rate of interest on deposits and plantation schemes which are referred to as economic offences, are reportedly on the rise .
A CID official working in the economic offences wing said, “They not only destroy the fiscal system but also the well-knit social fabric of our society. The mental agony is much more than physical pain. Such crimes lead to suicides.”An SCRB official said, “The real estate-related crimes increased this year. Land scams by housing societies and job rackets have increased alarmingly.”“Instructions were issued to all commissioners of police and superintendents of police to book cases against multi-level marketing companies under the Prize Chits and Money Circulation Schemes Banning Act,” he added.
D.C. Article : http://www.deccanchronicle.com/hyderabad/rs-300-cr-swindled-%E2%80%9908-889

how to detect money circulation scheme

Money Circulation Schemes

A scheme of a company by whatever name so called promises money on the event of joining members not only on your personnal efforts of joining members into its scheme but also on the efforts of joining members by downline members. This scheme is nothing but a Money Circulation Scheme banned under the provisions of The Prize Chits and Money Circulation Schemes (Banning) Act, 1978.

In Simple terms, if the scheme promises to give money based on joining members is nothing but money circulation banned under the provisions of the The Prize Chits and Money Circulation Schemes (Banning) Act, 1978.

Beware of such scheme. Not only joining but also sponsoring members also punishable under the above law. Please inform the information of such companies to police.

Please refer Judgements of High Courts and Supreme court.

Supreme Court : (2008)8 SCC 708

AP High Court: 2007(4)ALT808(DB)

Madras High Court: M/s.Apple FMCG Vs. State of Tamilnadu and others.