RBI cautions public against Rice Pulling scam

Mumbai, Aug 1 (KNN) The Reserve Bank of India (RBI) has cautioned general public not to fall prey over marketing a device termed “Rice Puller” made up of copper/iridium, that is supposed to possess magical properties of attracting grains of rice towards it.

“It has been brought to the notice of the Reserve Bank of India that some unscrupulous persons are marketing a device termed “Rice Puller” made up of copper/iridium, that is claimed to possess magical properties of attracting grains of rice towards it,” RBI said in a notification.

The persons associated have been reportedly misrepresenting the Government Securities auction circulars/Notifications issued by RBI/GoI as proof of RBI sourcing funds for such activities on behalf of the sellers of these articles.

Reserve Bank of India, hereby, cautions the public in general not to fall prey to such claims and that they should report such incidences to the investigating authorities, the apex bank added.

RBI reiterated that associating with such unscrupulous persons can result in direct financial losses and public in their own interest should refrain from responding to such offers in any manner. (KNN Bureau)