The Reserve Bank of India (RBI) has recently issued an alert concerning 75 unauthorised forex dealers who have been duping customers. These illegal dealers have been engaging in fraudulent activities and misusing the trust of innocent individuals seeking forex services.

The RBI, which is responsible for regulating and supervising the forex market in India, has warned the public to be cautious while dealing with unauthorised dealers. The central bank has also requested individuals to only transact with authorised forex dealers, who are listed on the RBI’s website.

In a statement, the RBI mentioned that these unauthorised forex dealers have been operating without any valid license or registration from the central bank. This puts customers at a high risk of losing their hard-earned money and falling victim to financial scams.

Victims of such fraudulent activities often find it challenging to recover their funds due to the involvement of unregulated and unauthorised dealers. The absence of legal protections and regulatory oversight for these illegal operators makes it difficult for authorities to take action against them.

To address this growing concern, the RBI has made efforts to raise awareness about the risks associated with dealing with unauthorised forex dealers. The central bank has been urging individuals to verify the authenticity of forex dealers and report any suspicious activities to the authorities.

Furthermore, the RBI has advised individuals to exercise caution while sharing personal and financial information with unauthorised dealers. This includes avoiding sharing sensitive details such as bank account numbers, PAN cards, and other identification documents, as these can be exploited for fraudulent purposes.

In conclusion, the RBI’s alert regarding 75 unauthorised forex dealers serves as a reminder for individuals to exercise caution and only engage with authorised dealers when seeking forex services. The risks involved with dealing with unauthorised dealers can lead to significant financial losses. It is crucial for individuals to stay informed and report any suspicious activities to protect themselves and prevent others from falling victim to these scams.