CIRCULAR
Dear Distributors and Franchisees,
Greetings of the day!!!!!
You are our valued channel partners. You are aware that the business of the Company is regulated by Reserve Bank of India (RBI) and the provisions of the Payment and Settlement Systems Act 2007, read with rules and regulations and RBI Guidelines issued thereunder, Anti-Money Laundering (AML) Guidelines, Combating Financing of Terrorist (CFT) guidelines, Know Your Customer (KYC) Guidelines are made applicable to business of the Company. Therefore, it is the responsibility of the Company as well as its channel partners to comply with the said provisions to carry on the business seamlessly. The Company is issuing this circular to protect the interest of company as well its channel partners so that business should not suffer.
It has come to our notice through the large number of cases which are under investigations being conducted by Anti-Terrorist Squads, Cyber Crime Cells, Crime Braches and various investigating agencies all over India, that many Distributors & Franchisees are being lured by fraudsters/antisocial elements by asking them to participate in fake lottery schemes/scams.
Off late many of our esteemed distributors and ICWs have received calls from various numbers whose country code starts with +92 (Pakistan) asking them about their bank account details. Many distributors have actually given the bank details and also received huge sums of money that has been deposited in their bank accounts. The caller then calls the distributors and tells them that money has been deposited into their accounts and asks the distributors for the account numbers and passwords of Itzcash cards against the money deposited. . In some cases the person calls an unknown person (neither a Distributor nor an ICW) asks for his bank account number and gets many common people (informs them that they have won a lottery and requests them to deposit money as processing fees) into an account of unknown person,
. He then calls that unknown person and informs him that he should withdraw that money and go to an Itzcash distributor to buy ItzCash cards. Once the cards are purchased, the person in Pakistan calls and asks the unknown person give an account numbers and passwords of ItzCash cards.
They have been cheating many people in India in many cities and now it has come to the notice of the police authorities and CBI who are conducting investigations. Some of our distributors have also been arrested and are in police lock-up for participating in such type of fraud by allowing their bank accounts to be used for this purpose. If any one of you fall prey intentionally or un-intentionally participating and involving in such bogus lottery schemes/scams you will be liable for penal action under AML/CFT/KYC/PSS guidelines, regulations and act.
IFTSPL hereby advises all of you to be careful and diligent in selling cards to strangers or unknown persons over phone and requests that you should exercise utmost caution while issuing cards to people who are not retailers or ICWs. You are also advised that if any customer wants cards of higher denominations you should collect and maintain his ID, address proof and his genuine mobile phone numbers before issuing cards to them. You are also advised not to disclose account number and pass word of ItzCash card to any stranger over the phone. You are not supposed to scratch the masked account number and password printed on the back side of ItzCash Card.
If anyone is found violating the instructions, IFTSPL absolves itself of all liabilities arising from such fraud schemes/scam and is not liable or responsible for any claim or penal action of whatever nature arising out of any such fraudulent scheme/s.
IFTSPL will initiate appropriate legal action against those distributors and franchisees that are found party to or involved in any such fraudulent scheme/s. IFTSPL also reserves the right to withhold all funds received from distributors if it comes to their knowledge of your indulgence in any fraudulent activity.
If you receive any such call or come across any such incident, you are requested to immediately inform IFTSPL on 022-61125757 or e-mail us at help@itzcash.com
You are advised not to interact or entertain any such unknown/ suspicious calls and fall victim to such bogus schemes/scams.
Thank you
For Interactive Financial & Trading Services P Ltd,
26/04/2011
Dear Distributors and Franchisees,
Greetings of the day!!!!!
You are our valued channel partners. You are aware that the business of the Company is regulated by Reserve Bank of India (RBI) and the provisions of the Payment and Settlement Systems Act 2007, read with rules and regulations and RBI Guidelines issued thereunder, Anti-Money Laundering (AML) Guidelines, Combating Financing of Terrorist (CFT) guidelines, Know Your Customer (KYC) Guidelines are made applicable to business of the Company. Therefore, it is the responsibility of the Company as well as its channel partners to comply with the said provisions to carry on the business seamlessly. The Company is issuing this circular to protect the interest of company as well its channel partners so that business should not suffer.
It has come to our notice through the large number of cases which are under investigations being conducted by Anti-Terrorist Squads, Cyber Crime Cells, Crime Braches and various investigating agencies all over India, that many Distributors & Franchisees are being lured by fraudsters/antisocial elements by asking them to participate in fake lottery schemes/scams.
Off late many of our esteemed distributors and ICWs have received calls from various numbers whose country code starts with +92 (Pakistan) asking them about their bank account details. Many distributors have actually given the bank details and also received huge sums of money that has been deposited in their bank accounts. The caller then calls the distributors and tells them that money has been deposited into their accounts and asks the distributors for the account numbers and passwords of Itzcash cards against the money deposited. . In some cases the person calls an unknown person (neither a Distributor nor an ICW) asks for his bank account number and gets many common people (informs them that they have won a lottery and requests them to deposit money as processing fees) into an account of unknown person,
. He then calls that unknown person and informs him that he should withdraw that money and go to an Itzcash distributor to buy ItzCash cards. Once the cards are purchased, the person in Pakistan calls and asks the unknown person give an account numbers and passwords of ItzCash cards.
They have been cheating many people in India in many cities and now it has come to the notice of the police authorities and CBI who are conducting investigations. Some of our distributors have also been arrested and are in police lock-up for participating in such type of fraud by allowing their bank accounts to be used for this purpose. If any one of you fall prey intentionally or un-intentionally participating and involving in such bogus lottery schemes/scams you will be liable for penal action under AML/CFT/KYC/PSS guidelines, regulations and act.
IFTSPL hereby advises all of you to be careful and diligent in selling cards to strangers or unknown persons over phone and requests that you should exercise utmost caution while issuing cards to people who are not retailers or ICWs. You are also advised that if any customer wants cards of higher denominations you should collect and maintain his ID, address proof and his genuine mobile phone numbers before issuing cards to them. You are also advised not to disclose account number and pass word of ItzCash card to any stranger over the phone. You are not supposed to scratch the masked account number and password printed on the back side of ItzCash Card.
If anyone is found violating the instructions, IFTSPL absolves itself of all liabilities arising from such fraud schemes/scam and is not liable or responsible for any claim or penal action of whatever nature arising out of any such fraudulent scheme/s.
IFTSPL will initiate appropriate legal action against those distributors and franchisees that are found party to or involved in any such fraudulent scheme/s. IFTSPL also reserves the right to withhold all funds received from distributors if it comes to their knowledge of your indulgence in any fraudulent activity.
If you receive any such call or come across any such incident, you are requested to immediately inform IFTSPL on 022-61125757 or e-mail us at help@itzcash.com
You are advised not to interact or entertain any such unknown/ suspicious calls and fall victim to such bogus schemes/scams.
Thank you
For Interactive Financial & Trading Services P Ltd,
26/04/2011
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