REVIEW OF FINANCIAL CRIMES BY IMPOSTERS AS ARMED FORCES

Abstract

Online financial crimes are on the rise in the recent past in India.  The Reserve Bank of India is taking lot of initiatives in this regard on a continuous basis.  Despite the continuous measures and awareness by the topmost banking regulator, the perpetrators are doing their fraudulent activities continuously.  The perpetrators use lots of tricks and techniques to win the trust of the public so as to defraud them.  The ignorant and innocent public also fall prey to their cunning tricks and get victimised by losing money.  Lesser amount of fraud may not seem to be a big threat at the first sight.  But if we calculate the aggregate of all the money lost in our country in a particular period, surely it will be an alarm for the policy makers.  Also, the duped money may lead to terror funding.  The fraudsters become more innovative than the techies.  There were considerable number of frauds recorded in the last 2 years in India in which the fraudsters pose themselves as armed forces to win the trust of the public and defraud them.  The trust and the sentiments of the public towards the security personnels of the country is misused by the perpetrators for defrauding.  This article collects a bunch of real time cases published in various leading newspapers as a sample and analyses the real cause and reason for the online financial crimes by imposters as armed forces and provide suggestions to prevent the same.  This article may be the first of its kind to analyse how the people are getting trapped by using the name of armed forces.