5 kind of online frauds, where investors have lost their money

POSTED BY manish ON May 28, 2015 COMMENTS (97)

I got a call few months back from a NGO based in Delhi. They were trying to help a small baby, which was critical medical condition and needed immediate medical help and they were generating the money from all over India. Even there were social media campaigns around it. The girl talking to me, told me its an urgent matter and how as a citizen, my help could mean a lot to the poor child.

online fraud tricks

I told her, she can mail me the details, so that I can look at what I can do from my side. After 1 hour, when I typed the NGO name and it turned out to be a big fraud campaign, which was widespread and many people reported their complaint.

But this was just one example. There are so many area’s where various kind of frauds are going on all over country and many uneducated people who do not understand the online world fall for it and loose their money. This is worst than mis-selling at times because in mis-selling you get bad returns or your money is stuck, but in these kind of frauds you lose all the money forever. So I want to share some tricks used by people to do online frauds and their modus operandi. Here they are..

Fraud #1 – Fake Job Offer

Millions of people are unemployed in India and that has given birth to this job offer scam. In this, you get an email offer from a reputed company which invites you for their interview. You see all kind of numbers, venue, last date etc, and then you see a line mentioning that you need to deposit a security deposit or some basic fees, which will be refunded later.

Given so much of unemployment, a lot of people fall for this trick. The emails look very genuine when you read it, as it contains the company logo, or it might be on the letterhead of the company, but when you dive deeper and check the email id from which it was sent or the website link, you can figure out that something is wrong. Below is one such mail ..

Fake job offer

Remember that no company in its senses, will ever ask you to deposit any kind of money with them for any interview. Below is  an example of how people loose such a big amount in these kind of fraud offers.

Cybercrime police in Bangalore, India have busted a fraudulent on-line job racket offering nurses jobs in the UK and arrested five persons including two Nigerians. The accused had cheated a nurse to the tune of Rs11 lakh by promising her a job at the Ealing Hospital there.

The nurse had responded to the email job offer at the Ealing hospital in UK by sending her CV and educational certificates. The accused subsequently got in touch with the victim on her telephone and asked her to remit money for anti-terrorism and drug trafficking safety certificates, WHO immunization insurance and skilled immigration permit certificates.

The victim remitted Rs 11,03,500 to different bank accounts as suggested provided by the accused before she realized she had been conned by the gang of fraudsters when she stopped getting responses from the accused.

Fraud #2 – Help a child in Emergency situation

This is what I was talking about in the start of this article.

Just search for the term “relief India trust scam” and you will see how many people got a call from this so called NGO claiming to raise money for medical treatment of some needy baby. I got a call myself 2-3 times, and everytime I kept investigating about the issue to understand how they work. When I enquired about their Registration number, they even gave me that, but then its not a big deal. You can always start an NRO with bad intention.

They were extremely pushy, and didn’t had a lot of supportive information regarding their claim. There are many other scams going on in the name of helping someone. It can be on helping a poor girl education or for the treatment of a kid, who has no one in family.They even go to an extent of telling you that the baby is on ventilator and the surgery is in next 30 minutes. You often see this in train’s also where a lady comes with a

You often see this in train’s also where a lady comes with a pamphlet asking for help. I am seeing that same thing from last 30 yrs in sleeper class. Even I see the same thing in some buses.

Coming back to the online version of fraud, Here is two such experience from this website

relief india trust scam

I dont want to paint all the NGO’s with the same brush. There are many good NGO’s also, they are doing good work, but many NGO’s have sprouted up, only to take advantage of these kind of situations and exploit emotions of people to make money.

Fraud #3 – I am calling from IRDA

This is a well known scam these days. Almost every investor has some or the other kind of insurance policies, espcially from LIC. So these fraudsters give a call to you and ask you about your policy and tell you that they are calling from IRDA and you are eligible for some bonus after many years and in order to get your bonus you will have to either send some money or buy some policy again.

A lot of times, they have some more details about you and your policy and they look genuine at times. And many investors fall for these scams. Here is an advertisement which cautions investor’s about it

You can also listen to some sample audio calls which was recorded by some investors. You can listen to them and see the tricks used by them to cheat and fool investors.

Fraud #4 – Verification Call from Bank using OTP

This might be a new thing for many investors. In this fraud, the target is generally uneducated investors who are not that much educated or who are very new to internet banking. The fraudster poses them as a bank verification officer and gets all the information like debit card number, exipry date, cvv number and even OTP number while doing the online transaction parallely.

This recently happened with one of my friends father who lives in Patna. His father was not that well versed with internet banking and used to do all his transactions in offline mode. So naturally he was not aware of how the system works. One day he gets a call which goes like this

Fraudster : Hello , Mr PQR.  I am XYZ calling from SBI bank . Your name is on our records who recently got a debit card. We are seeing some suspicious activity in your account recently, so this is a verification call to make sure that the debit card is in the actual account holder name.

Friends Dad : Oh ok .. What needs to be done to secure my account ?

Fraudster : Please verify your debit card number and the expiry date . It would be written on the card.

Friends Dad : (shares the numbers)

Fraudster : If you check on the back of card, there is a 3 digit number, its called CVV number. Please share it with me. Is it printed there ?

Friends Dad : Yes, its there .. Its 645

Fraudster : Ok , I have initiated the verification, I am now sending a 6 digit code to your registered mobile number, share that with me and then delete the sms. Please dont share it with anyone else

Friends Dad : Yea, I got it just now .. its 745523

Fraudster : Ok great , you will get a sms in sometime informing you about the verification success .. I am now disconnecting the call. Thanks for your time

Friends Dad : Thanks ..

( After 30 seconds …. there comes an sms )

"Dear Customer , Your Ac XXXXXXXXX567 is debited with INR 24,500 on 27th Apr .. Your available balance is INR 34,000"

The real story?

What happened in the background, is that the fraudster tried to make an online transaction on some website, which required a debit card number, expiry and CVV number. After that an OTP is required, which comes to registered mobile number. Note that the modus operandi might deviate a bit, but the point is same.

The fraudster tries to show himself as a bank verification officer and asks for all the details. I know you and I might quickly judge that this is a fraud call, but millions of people who are from rural background or from past generations can not, because first they don’t understand the online world and the new way of banking which has come into picture in last 10 yrs and they are sometimes quite afraid of making a mistake. When they are told that their account is compromised and their money is at risk, they take wrong decisions in haste. Below is another real life example of this kind of fraud

banking fraud using otp

Hence, make sure you never share your card with anyone or share its details like CVV number of ATM pin. A lot of people do it in Restaurants and Petrol pumps. 99.9% of times, nothing happens, but we are talking about that 0.1% times when things can get nasty.

Fraud #5 – Please verify your bank details (Phishing)

It’s a very common kind of fraud in online world. It’s called Phishing, which aims to steal your sensitive date like username, password or card details. You get an email asking you to verify your account or details, failing which your account will be closed. When you click on the link, it takes you to the website which looks exactly similar to your bank or card company, you enter your details thinking that it’s your bank website only.

But in reality its a fraud website which captures your sensitive information, which later is used to do transactions and you lose the money. Below is a youtube video explaining how it works.

Here is an example of an email which I got on the name of SBI bank.

SBI fake mail

So make sure you do not fall for any kind of emails asking for your sensitive details like password or PIN number. No bank asks for it ever.

Take precautionary measures 

From last 10 yrs, this kind of online frauds have increased because the whole world has moved to web and all kind of transactions are now online. It’s important to be attentive to your actions and with whom are you interacting.

Have you come across any other kind of online frauds other than listed above?

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97 replies on this article “5 kind of online frauds, where investors have lost their money”

  1. vikram says:

    I got the call from unknown number asking SBI debit card detail by giving reason of your card is going to expire, i said my card still have 1 year to expire, calling guy said its part of renewal process, so i told him card number, then he asked date on card , again i told the same, now he asked me CVV number, i asked him bank never ask CVV number you are fraud, he told its part of card renewal process, process is already started if you refused to tell cvv number, service charge of Rs 4000 will be charged to you and it will auto debited from your account, at this moment i was sure that he is fraud so i abused him, so he said you can’t abuse SBI people, then i again abused him, later he disconnected call.

    Immediately i changed the card pin and informed phone number to SBI helpline number. This was first time with me but lack of knowledge person will get in trouble with this.

    1. Thanks for sharing that Vikram

      I am sure a person who does not have much understanding of Banking and how cards work will fall for this.

      1. Umesh P says:

        Thanks Vikram for sharing this incident to all readers.

  2. shashi says:

    Nice educational post, must share with your friends and relative
    who are new to digital world.

    In Gujarat in local taluka place there was a mega online scam
    you have to register and get membership it cost its range from 3000 to 10000
    once enrol they give login and password and you have to fill survey on their site.
    they pay weekly. initially they pay for three four month. once people get trust
    they get more membership (single person have 10/20 account). Even some people
    rented the shop and put computers to do this kind of job. After four month this
    company run away.

    1. Thanks for sharing that shashi

  3. Asthar says:

    This is about a scam run by few NGOs based on charity.
    These fake NGOs are namely
    1. Relief India Trust http://www.reliefindiatrust.org
    2. Mission Heal, http://www.missionheal.org
    3. A Giggles Welfare organization. http://www.agwo.org/

    All these three NGOs are scams and fraudsters . Their plan of operation is such that they will first contact u over phone and will introduce themselves as one of the student volunteers of the NGO and then will describe the plight of a poor child admitted at Aiims. And then wil ask to donate money to the NGOs account.

    And the biggest part is that this scam is a big matrix beyond our imagination and we won’t feel like its fake in the first look .

    Why we won’t feel them that they are fake?
    They are able to procure a NGO certificate from Govt (authenticity yet to be proved). Their name is been listed in Govts NGO website. They have a rehabilitation centre which will look real in a photograph but doesnt have any children being admitted or served at the centre. By some spurious means they are able to obtain certificate of appreciation from PM & Health minister. They have a participation certificate for a seminar conducted at Aiims with them . They have procured medical records of few children treated at Aiims. The treating doctor will usually write referral letters to medical social welfare unit of the hospitals to find out fund for treating these poor children. They have procured these referral letters and on those letters they themselves have over written that ‘the case has been forwarded to relief India Trust/mission heal for needful’. It’s all been published in their site. When we doubt about their authenticity they will ask us to come online and will show all these letters,certificates, NGO certification etc published on their website. On the first look, no one can doubt their genuineness.

    But truth is that these three NGOs doesn’t have any role in collecting money for poor patients admitted at Aiims. Most of the cases published in their sites are from Aiims hosp and Kalawati saran children hospital. These two hospitals have got their own medical social welfare unit to raise fund for treatment of the poor. They doesn’t endorse any outside NGO s to collect money for poor patients .

    I have confirmed it with AIIMS Medical social welfare unit. (Email attached). Only the medical social welfare unit of AIIMS are authorized to receive donations on behalf of poor children admitted at AIIMS. The unit have advised not to donate to any of these NGOs because the unit have not endorsed these NGOs to collect money for patients admitted at AIIMS. They are behind these three fraud NGOs and have asked to report such calls and emails with phone numbers and email to
    Their email mswunitaiims@gmail.com . I have reported my issue and they have collected details. You also pls report urs with phone number and email IDs.

    This is a commission based scam. The student volunteers doesn’t have much idea about the real scam running behind. Each student volunteer is provided with case record of a child and they are instructed to raise about 1lakh for each case. The commission offered for student volunteers ranges from 10% to above. They will plead you beg you and go to any level for meeting their target. The amount donated goes to the NGOs account but never been spend for charity because these fake NGOs doesn’t have any connection with AIIMS or Kalawati saran hospital. The student volunteers are instructed to work such that , they should make their client donate before any further suspicion on activity of NGO arises on clients mind. They literally give you a emotional blackmail explaining about the sad condition of the poor parents and the child.

    This is a well structured scam based on charity. There might be many behind the scenes persons might have involved in it. Even if they are fake these people are able to obtain NGO certification from govt. They are able to obtain latest case records from Aiims.
    So its not scam run by few students. Inside people might also be helping them.

    The only thing you can do is to report such calls to medical social department of aiims mswunitaiims@gmail.com

    1. Thanks for sharing that Asthar

  4. Ayan says:

    ONE PERSONAL SHOCKING INCIDENCE 1 –

    A few years ago, I was at office, my mother (house wife 55yrs) called me from home, that a Sales man / Agent claiming from SBI Bank and asking for our Bank Account and Card Details for verification!!

    I told my mother shut the door and call police and neighbours….

    ONE PERSONAL SHOCKING INCIDENCE 2 –

    Just few months ago, I was at home, a person came to my house claiming from AXIS Bank. He asked me he needs ‘feedback’ for the AXIS Credit Card that I use.
    I asked him to show documents and ID.
    No ID but he showed me a doc of list with many names, address, mobile and full Credit Card no!
    I declined to talk.
    Went to the Bank to report and change the card.

    1. Hey Ayan

      Thanks for sharing your experience with all of us. It was a great learning.

      Manish

  5. Kedar says:

    I follow your websites regularly and its a pleasure reading your articles.
    You take care to keep your blog posts in sync with reality and it feels as if you are personally sharing your experiences with us face to face.
    Keep it up!! Best of luck and keep blogging!!!

    1. Thanks for your comment Kedar

  6. Madangopal says:

    Dear Manish,
    Nice article to be read and followed in day to day.
    I have almost experienced the medical emergency several times, and my wife had a bitter experience of the ATM fraud.
    Thank God we were saved at Rs. 1110/ – only.
    However I have seen many peoples getting trapped in the Reynold Money / KBC (Nasik) like schemes.
    I believe people should understand that even anyone promising you returns of double/ triple in a short span of time, is gonna dupe you at certain point of time. I saw people drawing money initially from the scheme, but finally came to understand via newspaper headlines that the directors had fled overseas with Crores of Rupees with them and Investors have broken through their office and carrying away furnitures/ LCD etc…..
    Its very common in Indian, how to educate the common man.
    Its an unusual subject to readers at your site, but will help many peoples.

    Thanks and regards,
    madangopal

    1. Yes, most of the people do not understand the fraudulent kind of scheme’s and its tough to explain them about it . I will write on this topic soon

  7. Vishal says:

    Manish,
    My case was peculiar. One guy called me saying that he is from recovery department of reputed *** bank credit cards division and told me that my cousin used *** card and defaulted 60,000 since 6 years. He confidently said that his PAN will be blacklisted and his kids may not get education loan or he himself cannot do any business as he is an entrepreuer. The caller knows my cousin’s enterprise name, address etc but those agents never had courage to visit him personally. I asked them who gave my number, they informed that my cousin himself gave my number and started talking in abusive manner, they called me in office hours 4 times a day an i owe them 60K and they know my PAN. Is this a FRAUD too?

    1. Yes, seems like . I suggest just ignore it and not talk to them !

  8. Mahesh says:

    While we discuss these frauds, I think we are ignoring one very major monetrary fraud going around. Frauds in Healthcare.

    I was reading the other day, WHO recommands at most 15% of deliveries through C-Section whereas in our private hospitals, the figure is much above 50% of total deliveries. Similarly, in most of the cases the tests prescribed to us, are inessential.

    They know that we have medical insurance and they take advantage of our emotions and worries. I prefer not to go to doctor as much as I can avoid.

    Isn’t it a monetary fraud?

    1. Definately … I would like to say its a MORAL fraud , making someone spend on something which is not at all required !

  9. SS says:

    I have recently fallen prey to an IRDA scam. Have paid money to scamsters posing as an independent body appointed by IRDA. They promised retrieve money from my two troublesome policies and shift them into an FD. I paid up additional money to the tune of nearly 2.5 lacs as a “security amount”. They company that was supposed to anchor the FD is not registered under Registrar of Companies. Just checked last night. Previous premiums are also intact with the insurance companies. I cannot believe I have been so careless with my hard earned money.

    I need help. Can anyone guide me as to which division of police can help me out.

    1. Deeps says:

      Economic offence wing of police..

    2. You need to complain to policy status for FRAUD CASE. You must have the phone numbers with you , right !

  10. Rajesh says:

    Another fraud is asking you money to pay money after disconnecting an internet connections. Tikona does this, asking pay money even though you don’t owe them any.

    http://forum.tikona.in/viewtopic.php?f=41&t=80867

    1. Hey Rajesh

      Thanks for sharing your experience with all of us. It was a great learning.

      Manish

  11. Ashutosh says:

    Hi Manish,

    Thanks for sharing a nice article again. I have some of my personal experiences to share-

    1. When I was in Delhi, I got a call from ‘Relief India Trust’ in the name of helping a child who is admitted in AIIMS in a critical situation. Thinking it to be genuine, I transferred some money to them and thereafter they started calling me every month. Not knowing the truth, I helped them for several other occasions also and suddenly there were bombardment of calls from several other NGOs also for donation. Then I realized that it’s a fraud. Thereafter, whenever the call me, I requested them to remove my name from their database but they did not stop to call me and I have to change my number.

    2. Although, it’s usual to get fake job offers through email everyday, I got an offer from MARUTI company claiming that they found my CV through a job portal and asked me to come for an interview for which they will send me a flight ticket after receiving the security deposit. They have mentioned Basant Kunj, Delhi as their office address and a phone number (precisely a mobile number). I understood that it’s a scam and decided to call that number. A person with Japanese accent received the call and told me that they have opened a new office in Basant Kunj and they are recruiting for their new office and this information is not available at their website yet. I hunged the call and forwarded the message to Delhi Police (through email). I don’t know what steps they have taken in this context.

    3. I am in scientific research domain and came to US last year. About one month after my arrival in US, I got a call claiming it to be from IRS of US government. The person on the other end told me that there are some tax dues in my name and if I shall not pay this immediately, I shall be arrested and they will send me back to my home country. I asked him to come and arrest me and then he never called me. Very surprisingly, he alter the caller ID to make it look like the IRS is calling and he had all my personal details including work place, social security, country name and my date of arrival in US etc.

    4. My uncle who is a government employee in a small town of UP got a call from his bank (the person claimed to be the bank manager) asking for his debit card details . He refused to tell the same to that guy since he personally knows most of the bank staff. Later, we found the mobile number series was from Jharkhand.

    I hope my experience will help some one to be a victim.

    1. Hey Ashutosh

      Thanks for sharing your experience with all of us. It was a great learning.

      Manish

  12. KS says:

    I am pretty cautious regarding donations but this Relief India trust seems to have gotten the better of me.. 🙁 The first time they called i was referred to the website and the patient profile, it seemed fine and what more they even were and still are taking donations through credit cards. The volunteer insisted on putting her name which i too found unusual but i let it be. I was even sent the receipt via email and courier. I checked the receipt and the date of donation was all correct and seemed very happy. I even donated the next time they called thinking i was helping out a poor person. Then the number of callers from Noida and Delhi area asking for donations increased and the volunteers were always delhi university students working hard for helping out the poor patients..This aroused my suspicions but i chose to think that they would be doing a barter of donor phone nos… One person from organization called Sparsh called asking for donation for the same baby name again. I just said i have already donated and cut of the phone…After this incident i stopped taking any calls with numbers i am not aware of… After reading your article now it seems the donation was down the drain and my hard earned money was helping out a fraudster organization.

    1. Hey KS

      Thanks for sharing your experience with all of us. It was a great learning.

      Manish

  13. Arul says:

    Few months back, I got call and the person says he is going to redeem expired reward points of my HDFC credit card. He was asking my OTP to do that and I did not accept his request. Be aware about this kind of frauds

    1. Hey Arul

      Thanks for sharing your experience with all of us. It was a great learning.

      Manish

  14. Anonymous says:

    I got a call recently from a mobile number +917763098761. He was impersonating Bank manager of ICICI bank Delhi Head office. He said since I did not link my bank details with Adhar card, he is blocking my ATM card and my account. He also mentioned confidently that ICICI bank sent me reminders twice and I did not respond so he is blocking my account and all the money in my account will go to the bank. I already started having some doubts since why would a bank manager call me and I was certain I did not get any reminders but since I do not use the account so often I thought that might be the case. But then I asked him to email me the same and that I will decide and tell him back in sometime. On this he got annoyed and started using very abusive language. It is then it was very clear that the call was fake and I cut the call. Then I searched Google with this number and I am surprised to see that many people have received call from this number and still this crazy person is lurking free with no punishment what so ever. Kindly share this as much as you can so that an appropriate action can be taken,

    1. Hey Anonymous

      Thanks for sharing your experience with all of us. It was a great learning.

      Manish

  15. Amol says:

    Another type of fraud… You will get a call from someone who will say he is from Rajasthan and found some gold ornaments while digging up some land or something similar. Then they will say that they want to sell it to you as they are afraid of going to any jewelers or give some similar reason. Then they will ask you to meet them in person and even offer you to check the gold from some jeweler.
    I got such calls 3-4 times and every time the same story will repeat. I usually talk to them for 2-3 mins to have some fun 🙂 As soon as you tell them that they should be reporting the finding to Police as such gold belongs to government, they will start abusing you and I enjoy listening all the abusive words from them and keep on saying.. “Yar.. tumhe isase jyada aur behtar galiya nahi aati kya.. kuchh aur bhi sunao to maja aa jayega…”. In turn they feel hopeless after some time and hung up.

    1. Hey Amol

      Thanks for sharing your experience with all of us. It was a great learning.

      Manish

  16. Dhinesh says:

    Hi Manish, I received a call from a fake person today (after I read this article lase week) and he claimed money for a girl’s treatment and he said the girl will lose her eyesight if the operation will not held within today.

    Such a co-incident and fortunate that I read this article. I dropped off the call after new seconds of his explanation. Thanks so much for creating wonderful awareness among people!!

    1. Hi Dhinesh

      Thanks for your sharing your valuable comment on this topic. Please keep sharing your views in future also

      Manish

  17. Preeti says:

    Thanks for the info – very informative and helpful ..Please keep sharing such details with all of us.

    1. Sure , we will do that 🙂

  18. Sashi says:

    Hi… Manish,,, Gud mrng

    I am a small investor, very new to stock market… Just 6 months old… I have first chosen mutual funds.. then SIP and Delivery trading. and then Intraday, where from the past 6 months, nothing had given me any profits…

    I used to do it using Fundsindia Website… As they r not providing for Option Trading, I joined in Zerodha.. Where their software is little hard to understand..

    What do you say? Shal I go for option Trading, with little amounts of 2k to 10k… I want to take risk, but wana get rich quick 🙂

    1. Hi Sashi

      As you are new, you must be excited with the idea of “get rich quick” . But trust me, its happens with only with a very very small % of people and there is a big big amount of luck involved. So my suggestion to you is that only put a very small trial amount in these trading, and put higher amount for your long term goals using SIP in mutual funds only. You will get more of this over time

      Manish

  19. Anjan Sharma says:

    I was out on holiday last week. A couple of ladies came to sleeper class wearing white apron and asked for donation for treatment of Thalassemia patients. They showed me a pamphlet and even gave me a receipt for my donation. Are you telling me they are fake as well? There really is no way to verify these things on the spot. I only gave away 10 bucks, so no big loss for me but they could be earning in thousands like this everyday from a single train alone.

    1. It might be a fake thing … Who knows . What stops a bunch of people to print some pamphlets and talk to 100X people . I am sure 1X or 2X out of that will surely fall for it. And and you said its just 10 bucks for you .. but when thousands of people give 10 bucks , its a huge money for them !

      Manish

  20. Nagaraja says:

    I have received a call, they said calling from VISA company and since you are a long term loyal customer you are eligible for additional features / bonus. Please do the verification to process the same.

    When I asked what details are required, they started asking for the name printed on the card, and then comes colour of the LOGO printed. …
    I got suspicious and asked, why do you want colour of the logo… all the cards carries same colour.
    the call got disconnected.

    Thanks

    1. Thanks for your comment Nagaraja

    2. Joel says:

      I got a variation of this. They asked me that for verification purpose they would like to know the color of the the visa or master logo. This question made me highly suspicious but i fooled around giving some weird colour . The called asked me many times to confirm the colour but stil i insisted on that weird colour and the call got disconnected. Can some please elaborate what lies ahead and what could be the modus operandi.

      1. I think they were just asking something you never heard of so that you believe them 🙂 ..

  21. Rohit says:

    Hi,

    I also have received several calls from Relief India trust and other similar names looking for medical donations. They all have the same record — Child is critical, is in AIIMS or some reputed hospital and also need cash urgently. IF you ask to talk to the child parents – they will tell that the child parents are so poor that they can’t even afford a phone.

    I have now adopted the standard answer to them – oh..is tht child in that hospital..Its’ great – I have an uncle who is doctor there and they will anyway treat him/her for free…So, tell me the case id and other details of the child — Hearing this all of these callers invariably put the call down..

    So, suggest you can try helping in kind and not materially and then you can distinguish between the genuine and the fraud ones !!!

    1. Thats a great trick to deal with them Rohit !

  22. Abhishek says:

    I purchased a membership of Country club Ahmedabad on last Monday.. After reading these comments I am much worried.Please post is there any big risk or frauds by them?

    1. Country Club is a well known company, they are fraud as such, but you need to consider their service and how they are !

  23. Rajesh says:

    Hi Manish

    We have always been tempted by these holiday companies like Club Mahindra, Country club, RCE and many other. As a family yes, most of us are interested in going for holidays. But from a financial perspective does it make sense to sign up for 3-5 lacs? They claim we should look at it for a 25 years horizon. Does this make sense for an investment. And as such there are lot of issues reported on the web when the members try to book these holidays after taking up a membership. What they claim while selling these holidays are really not given after we take up the membership.
    I request you to kindly do a compare and math and let us know if this investment is worth it.
    Looking forward to your article as always.

    Thanks
    Rajesh

    1. Truly speaking you can deposit 5 lacs in a FD and get 40k interest a year and then see how you want to plan your holidays in a particular year. That will give you more freedom !

      1. Srinivas says:

        I studied these time share schemes some time back. I jot down few relevant points here.

        1. Time share is a lump some payment for the proposed service that is planned to be rendered for the next 20/25 year.

        2. It is not for middle class people, who look for value for money avenue. Let me explain. In addition to these lump some payment, every year one needs to pay for maintenance. And if one wants to go and stay in the resort for the period, there will be overheads like food and other charges etc.

        3. There are many customer compliants like not getting good responses and not getting the dates etc.

        4. One may not go to a same place 25 years in life. For changing from one place to the other, there will be charges.

        5. If one wants to invest, one needs to check rooms / membership ratio. To keep the overheads low, many companies keep this lower than 100, which causes lot of trouble for the members.

        As mentioned by Manish, if one takes FD interest and add maintenance charges that one pays yearly, one can make a good trip for one’s family yearly.

        Trust this helps.

  24. shankar says:

    The question about insurance calls is how they get the details. a retired client of mine got a call saying call was frmo IRDA 🙂 and that his insurance ofpolicty of x amount with a pvt insurance co had lapsed, seems he was so convincing that my client got convinced, next day the fraudster called again telling that the lapsed policy will be refunded and he will get some amount if he transfer 10% of the amount as service fee. The client called me luckily to confirm, i told him to ignore but it seems that he was persistent telling my client that all his hard work would go waste, and after all what is 10% if he is going to receive a large sum. Tempted by now the client called me again asking what should he do, my solution was simple, ask the ‘helping’ soul to get the money take 10% and send the rest by DD to my client. The nice guy did not call after that 🙂

    Data leakage is serious issue, especially when a whole lot of rogues run what looks like a legit BPO http://www.caravanmagazine.in/lede/capital-scams

    1. Joel says:

      Data leakage , a very good point brought by Shankar . I have a very strong reason to suspect this is a very good cause for all online scams . Today i again received call from a person to be from ICICI bank and he had my details like where I was working and what type of account I had.

    2. Hi shankar

      Thanks for your sharing your valuable comment on this topic. Please keep sharing your views in future also

      Manish

  25. Kishan says:

    I am a regular reader of your blog, and even bought all three books from Amazon. I saw in earlier articles that you made an ebook of all your articles and allowed to download. Can you provide me similar ebook containing articles of archive? Or tell me a way to do that?
    Thank You,
    Kishan

    1. We never made an ebook of all the articles 🙂

  26. Joel says:

    Con men , fraudsters would continue inventing new tricks and this game would continue . Only vigilance and awareness can help but alas as David Hannum had said in the 1800’s “There’s a sucker born every minute” .

    1. Hi Joel

      Thanks for your sharing your valuable comment on this topic. Please keep sharing your views in future also

      Manish

  27. Abhay says:

    Hi Manish,

    Thanks for giving the insights through this wonderful article!
    I just wanted to know is there any way that we can check the authenticity of the NGO/organization from the point of view of donors understandability? like some document or licence number etc.

    Please throw some light if you are aware of it.

    Thanks,
    Abhay

    1. Yes you can search their numbers online, but thats not a guarantee that money will be used properly 🙂

  28. Rajesh says:

    Hi Manish

    Thanks for this article. This is very useful.
    My request is can you please also write about the scam and issues caused by club memberships like Club Mahindra, Country club, RCE club extra. There are lot of people who have brought these packages and later found out that what they promised and what they get are totally different.
    This is my request, please share your thoughts on the same.

    Thanks
    Rajesh.

    1. Its not a scam, its more of the fine prints problem .. Anyways I will write out that !

  29. Dheeraj says:

    Always check for the number you are getting call from on Google. Most of the time these numbers are from NCR region. For these fraud numbers you would find several posts suggesting these are fraud.

    These fraudsters also send SMS saying you have won a lottery of Coca-cola or pepsi or bla bla. Once I got such SMS from a Reliance GSM number. I logged a complain on reliance’s website but not sure if they did anything about it.

    These fraudsters also keep changing numbers. I would suggest all to always post such numbers on some public site to make others aware of it.

  30. Joel says:

    I would like to share my experience , recently I got a call from a person (+91 9546685478) on 28 may 2015 and the conversation went as

    Man: Hello is this Mr. Joel
    Me: Yes speaking.

    Man: Sir, I am calling from ICICI bank.
    Me : Where , speak a little louder.

    Man: Sir ,ICICI bank . We have noticed that your account balance is less than minimum balance so we are going to convert your account as dormant and sir after that you would not be able to do any transactions .
    Me: Oh yeah ..

    Man: Yes sir , but that can be prevented if you share some details with me so I can verify caller identity and account details .
    Me : Ok , so you would want me to give my full name , DOB , Card number , expiry and also more …

    Man : No sirrrrr ……. (Long ….. Silenceeeeeeeee )
    Me: Hello are you there ? Hello , Hello ..

    Call got disconnected .

  31. chandanKumar says:

    Very useful information, on a regular basis I am getting call from pratha foundation a NGO, always asking for help for needy, I use to pay there on there website payment option. Going to check them today itself

  32. Srinivas says:

    Informative post.

    Now a days stealing/acquiring personal details is a big business/fraud. Personal details can be documents, details like date of birth etc or card nos.

    One needs to be careful while sharing these details. To the extent possible, one needs to be careful while giving information. One should understand why a proof or document is required, then only give it.

    Recently, i applied for ICICI card. I got a (supposedly) verification phone requesting me to send a email from my official id. I asked them as to why it is needed, as I had already applied for the card. The phone was disconnected.

    In a pharmacy shop when I was buying medicine yesterday, I was asked to give my phone number. I told them that I don’t have one. The sales person tried 2 or 3 times, but could not get it.

    Now a days one doesn’t know where fraud starts. So it is better to err on the side of caution specially with personal details.

  33. kshitij says:

    hi manish ,

    that was an awesome article .

    I just want to add one more thing ( although it is not entirely online fraud ) regarding so many upcoming pyramidal schemes of becoming super – rich in very less time .Now they have also moved to online transactions .

    One of them is EBIZ ( the full form is ek behetar insaani zindagi ) .Many years back , I attended their one of the so called `seminars ‘ and fortunately I realised quickly that this all is fraud . But my friend went ahead and lost his money to the tune of 80000 rupees .

    through your article , I would request everyone not to fall for these pyramidal schemes of getting super-rich in less time .

    thanks

  34. jitendra says:

    I got a call from ICICI BANK my debit card is blocked pls verify your details will send otp which is valid from 15 mins or else ur card will be blocked you will have to request for new card later, have recorded the call from some local cell no’s.

  35. Sukumar says:

    Wanted to share one more fraud company. Countr vacation or country club are cheaters beaware of them.

    1. Shailesh says:

      I had been called by country vacation club 3 months back here in Pune. They selected my name and informed me that I will get 2-3 free gifts and to claim that i need to visit them and attend seminar.
      I visited and they pushed me and my wife to get their membership in range of 5 lack, then 3 lack, 1.25 lack, 50K and finally 15K. I kept refusing so they kept lowering. Finally I said we have to leave and are they ready to give my free gift after waisting 2 hours ? … finally they said free gift is 100% sure and for that waited us 30 more minute. Before handing free gift they asked me to waive hand so that they can annouce to other members from same room that we joined their club. I was so pissed but looking to get out from it so i did it. They gave me 6 bowl set free of cost and some unwanted vouchers. But we have to eat outside in hotel because we have to sit till 9-30PM , so waisted more money in food than their gift :)…I think do not fall for them.

      1. Hey Shailesh

        Thanks for sharing your experience with all of us. It was a great learning.

        Manish

  36. Bajaj says:

    Nice article. It will help people, a lot.

  37. Pramod says:

    In fact got fraud call. Lady was telling there is bonus for one of the Max Life insurance policy & wanted to details to deposit the bonus amount. She was telling it will not be added to policy account. I told her to call later as I do not have required details available with me. Mean time I called MAX Life customer care & shared the details with contact number& name who called. However it looks like companies like MAX life also encourage frauds ( I am sorry to use this sentence). They did not take any action. I got sms from MAX Life stating issue resolved, After two days again got call from that number to collect more details. I have to say her I don’t need any bonus.

  38. Basudev says:

    Is any such fraud possible in the securities and demat accounts if trading and DP id are shared? I recently got such a call and seemed like some kind of phising…

  39. Bahubali says:

    Recently got a call from a scamster who was posing as a HDFC REPRESENTATIVE who could offer me 0% interest rate on personal loan.

    Scared him saying “would complain to police if I’m called again.”

  40. Turab says:

    Hi Manish,

    It is really an awesome article.

    Would really appreciate if you could answer my below question.

    1. In the past 05 years i have worked in a 4 different companies. And each company helped me open a salaried account. So right now i am having a salaried account from Banks such as Indusind bank (2009), Icici bank ( 2010), Hdfc bank ( 2013 ), Icici bank (2014). My problem is that i keep on getting sms alerts from these banks which means that my bank accounts are still active although i am not working with respective companies. Please suggest if i need to personally go and request for cancellation ofall my accounts or will it be automatically deactivated.

    1. krajiv26 says:

      Hi Turab,
      As per my experience you close the salary account if you not need further, otherwise keep the minimum amount of that bank for saving account (generally 10000) because as your salary does not comes to account it become general saving account without previlage of 0 balance salary account.
      If you not maintain the minimum amount for the long time, it will effect your credit score as well and create issue while taking loan or credit card.
      Also now-a-days every bank charging SMS charge 15 rs per Quarter, also your debit card draws around 200 per year charges. Means you nearly losing 260 Rs per year if you maintaining minimum balance.

      And if you not maintaining minimum balance(most of the case it happens) than you have to give lot of penalty as PLUS.
      So I suggest to close this account in private bank ASAP if you not required because these accounts are very easy to open, even you does not have to visit the bank as well.

      Regards
      Rajiv

  41. r25sisodia says:

    Dear Manish Sir,

    I want to know after ppf maturity without contribution interest money withdrawal is taxable or not.

    example:- In my ppf account after 15 years have 2000000 Rs. it’s earn interest 174000 if i withdrwal the interest money evey year so the money is count in my income so i have to pay tax on interest money or not. plz suggest me.

    Ravi Sisodia

  42. Sushil says:

    In 2011, I got a call from one person posing as a SBI Call Center Agent and he was trying to get my ATM PIN. I did not disclose the PIN rather i kept on conversating with him and make him busy in call for 6-7 minutes and in the meantime i searched the location and route of call ( because i work in telecom and at that moment i was sitting on my terminal). Finally i told him that police has reached near you and you will be arrested in next 3-4 minutes. He didnt believe me and started using abusive language . When i told him the exact location and city and told him that police is around you, he disconnected the call shouting on his colleagues.

  43. Hemanth says:

    OMG…. Relief India Trust is a scam ? Just came to know from this article that I fell as a prey to them recently. The amount is 500 which is not that big, so somewhat OK for me but I am really upset getting to know that there are people who are playing with other people’s emotions.

    I got a call from them and the call seem to be very genuine. They spoke really well and they asked to visit the website. The website seemed fine for me. I couldn’t see anything wrong there…. After all, any one create a good looking website these. They have even sent the 80G also. I have to really careful in future.

    Thanks Manish for informing. Atleast now, I can avoid these.

  44. Jiten says:

    Hi Manish,

    Great article for spreading awareness about online fraud…
    My friend got SBI credit card company call, they asked for debit card number and other details, We knew that was fake call. So we insist them to personally meet in the near by branch of SBI, but they drop the call.

    Is there any official government website or email id where we can submit details regarding this kind of fake call (Mobile number) or email.
    So, they can avoid more victims by taking quick action against those calls?

  45. Suresh says:

    Hi Manish,

    Thanks for sharing this post…..! Really we are blessed to know this kind of fraud.

    Regards,
    Suresh D

  46. Vikas says:

    Hello Manish,
    Can you please update on the new law which is passed for extra saving using the pension plan.
    Is it the part of 80C or other than 80C.

    So basically can we save more on tax, using this?

    1. Yes, you can save tax 50k per year apart from 80C if you invest in pension schemes. But note that tax saving should not be at the cost of buying a bad product which does not suit you ! . Dont get over obsessed with extra 50k saving !

  47. Santhanam says:

    Nice Article Manish.

    I would suggest that RBI should make all banks to publish their “Official Inbound/Outbound telephone numbers” (AFAIK, only Dhanlaxmi Bank has published their Official Inbound/Outbound telephone number – only from this number the bank people will call us, in case of any query ) . We can save this Official Inbound/Outbound telephone numbers in our mobile phones. This will help us to confirm whether the call is from the bank itself or a fraudster.

    Also it will be helpful if we save the branch contact telephone number in our mobile where our account is attached.

    Also if a person is calling from some other number and we tell them that we are busy in a meeting and ask for his contact details and Also check the caller’s credentials with the bank branch itself.

    1. Hi Santhanam

      Thanks for your sharing your valuable comment on this topic. Please keep sharing your views in future also

      Manish

  48. Santanu says:

    This is a very useful information shared Manish.

    I believe ignorance & careless attitude is the main factor behind such frauds. I have received many mails related to scheme, IRDA etc. One should understand that, even if someone is asking some personal information over mail, verify the same 10 times before approaching.

    Even if one have to act on it, why to follow the link? Internet banking have to be accessed by using the dedicating bank url. And this is where people are doing the mistake.

    Those people are very smartly convincing people to click on such links and then get access to their account. Only awareness can save people from this kind of frauds.

    1. Thanks for your comment Santanu

  49. Gabriel says:

    Nice article, I got call for collecting LIC bonus, I asked him in return do you know how endowment policy works?, bonus simply get added to your policy, you don’t get cash bonus, he disconnected the call..actually I should have enquired more to find how they work and cheat the ppl…

    1. Santanu says:

      Thanks for sharing your experience here. One think is striking here that, if you are eligible to get LIC bonus, you would have knew it by default or at the time of maturity you will get the same.

      Many people are not reacting how you have reacted and that’s where these people find market to fraud people.

    2. Hi Gabriel

      Thanks for your sharing your valuable comment on this topic. Please keep sharing your views in future also

      Manish

      1. rahul says:

        Do you suggest investing in Silver every month for a long term or Is SIP in stocks recommended.

        1. Moneyfrog says:

          Silver dont have much scope in future. You can go with SIP in stocks or you can also start with SIP in Mutual funds.

          Thanks,
          Moneyfrog.in

        2. SIP in stocks is better

    3. Prabhakar says:

      Personally.. I had worked as a LIC Agent, so was sure that the call is fraud and No one from IRDA will call me for a policy. After doing a TP for 5-7 mins with stupid questions, I asked that person… Man..do you get payment for this job? I mean do you get Salary or what? .. he said Yes.. he is a Govt. employee … he hung up on my next question….. ..I asked … Bhexxxxx… tumhe paise hajam kaise hote hai? haaraam ki kamai ka kuch to asar hota hoga? IRDA main kya kaam karte hai? tu LIC agent ko hi bata raha hai?

      Sorry.. for this language.. but at times that’s the best answer… and I have put down at least 10-15 calls for such immediate cancer and heart operation cases.

    4. Pardeep says:

      One of friend have similar experience with LIC.

      There is another type of suspicious activity going on in my town. Municipal corporation is collecting Aadhaar Card numbers of everyone. They claim to verify if all have been enrolled for Aadhaar or not but I doubt. They could have just verify name, address and status of Aadhaar. I denied to provide my information.

      I even wrote to Aadhaar authorities but no response. Did anyone faced similar issues?

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