Mumbai: With the increasing number of Nigerian and online frauds, the Reserve Bank of India is up in arms against such cons. They have warned that any person, knowingly or unknowingly, found remitting money from or to India through any such online schemes will be penalised and jailed under the Foreign Exchange Management Act 1999 (FEMA). They have also started issuing notices in newspapers and publications to warn the public.

RBI has clarified that remittance for lottery schemes is prohibited under FEMA. The restriction is also applicable to remittances for money circulation schemes or for securing prize money or awards.

Said Jt CP (Crime) Rakesh Maria, "We have found a few cases where Indians have helped the conmen create bank accounts and helped them identify prospective victims." He cited a recent case where a doctor was asked to deposit money in an Indian's bank account in lieu of five per cent of the transactions.

Talking about the punishments such an offence can invite, Adhik Shirodkar, a senior HC lawyer said, "Violation of FEMA in such cases invites a minimum imprisonment of 3 years and maximum of 7 years. Any property associated with the fraud money can be confiscated. A heavy penalty can also be levied on the person caught remitting funds and participating in lotteries."