Companies & Sectors
MCX, FTIL shares tumble following Jignesh Shah’s arrest

Following the arrest of Jignesh Shah in the Rs5,600 crore NSEL scam, shares of MCX tumbled 9.38% to Rs483.55 while FTIL fell 5% to Rs276.70 in early trade on Thursday

Shares of Multi Commodities Exchange of India Ltd (MCX) and Financial Technologies (India) Ltd (FTIL) slumped as much as 9.4% in the morning trade Thursday after the company promoter Jignesh Shah and former MCX head Shreekant Javalgekar were arrested in connection with the Rs5,600-crore National Spot Exchange (NSEL) case.


Reacting to this, shares of both FTIL and MCX opened the day on a lower note. In the early trade, MCX tumbled 9.38% to Rs483.55 while FTIL fell 5% to Rs276.70 – its lower trading permissible limit for the day.


“Financial Technologies chief Jignesh Shah and former managing director and chief executive of MCX Shreekant Javalgekar were arrested in the NSEL case. Both are also members of the board of directors of NSEL and members of the spot exchange’s audit committee,” Rajvardhan Sinha, chief of the Economic Offences Wing of Mumbai Police, had said Wednesday evening.


The total number of arrested persons in the case is now 11. NSEL chief executive Ajnani Sinha had been arrested on 17th October last year.


The FT Group owns 99.99% stake in the now crippled commodities spot exchange which was ordered to be closed by the Government on July 31 last year following a payment crisis.


The arrests came seven months after an FIR was registered by the Economic Offences Wing (EoW) of Mumbai police against Shah (promoter-director of the NSEL) and others on charges of cheating, forgery, breach of trust and criminal conspiracy to make quick profit.


Shah’s arrest is likely to cripple the FTIL and delay its plan to get its 26% stake in the country’s largest commodities exchange reduced to 2%.


MCX and FTIL closed Thursday 6.5% and 5% down at Rs499 and Rs276.7, respectively on the BSE, while the 30-share benchmark ended the day marginally up at 22,376.


Another 'lottery scam' email with new RBI governor's name

Scamsters are now targeting people by using RBI governor, Dr Raguram Rajan's name to announce the big lottery win. The emails also ask people to provide bank details and deposit cash to receive this 'unclaimed lottery fund'!

The Reserve Bank of India (RBI) Governor, Dr Raghuram Rajan has already cautioned people about lottery or beneficiary of fund kinkd of emails. This time, it is a 'Lottery Scheme' email sent using his name in the so-called meeting of 'United Kingdom Lottery Promotion Council' with a 'Senate Tax Committee on Finance', except that both does not exists. Simlar emails used to be sent out in the name of former RBI governor Dr D Subbarao too.

The fake email with attached file, at first, looks like and seems to be an official letter from RBI. The file headlined from the 'Office of the Reserve Bank Of India', New Delhi  is sent from the email address '[email protected]'. It reads: "The Foreigh Exchange Transfer Department of the Reserve bank of India have decided to bring to your attention that, you were listed as a beneficiary in the recent schedule for payment of outstanding debts incurred by the United Kingdom Lottery Promotion Counsil, peding since 2007 to 2014. According to our file record with your email id, Your payment is categorized as: contract type: Unpaid Lottery Inheritance fund/undelivered Lottery fund.”

The scamsters have not hesitated to use the RBI governor's name even when demanding 'crediting fees' of Rs15,500, in addition to seeking details like full name, age, sex, address, bank details, etc. The scamsters expect the receiver to be blinded by the prospect of getting quick money as it also provides . But the record is that the only money that has changed hands in 419 scams (advance fee/fake lottery scams) that have been discovered till now, has gone from the victims to such scamsters.

Surely, regular Moneylife readers will find plenty of 'red' signals in such emails. First, the RBI does not use the domain name of “” for its official emails. Second, even if one assumes that all else is true, why on the earth would the RBI offer money to an individual, and that too in GBP? Third, the RBI does not operate, manage or control any lottery schemes. Fourth, in India, there is no Senate Committee; we have a Parliament and Parliamentary Committees. Therefore, the question of the RBI governor meeting some Senate Committee in RBI's 'branch' in Mumbai/Delhi is not plausible.

Now, let's take a look at some obvious mistakes in the email. The full stops are in the wrong place, capital letters have been used wrongly, as have currency denominations. We use either rupees or Rs or the new symbol, before the amount, while the mail has something else. All it uses is GBP and INR, after the amount-like 15,500 INR or 500,000 GBP. Moreover it also includes photograph of RBI governor congratulating you for winning such prize including latest news sign.

Clearly, this is yet another fraud in progress. So, if you receive such a message delete it immediately.

Earlier also scamsters have sent emails by using former RBI governor, Dr D Subbarao's name. In that scamsters wrote 'secret email' as RBI governor asking people to provide bank and personal details and recieve Rs5.06 core by acting as an individual who died years ago. The email also includes the note asking, “Please note that you will stand as the full owner of the money during the transfer of the money because i will not be among the transfer TEAM, So you are the one to speak with the HEAD OF THE TRANSFER TEAM may be on phone during the time of the transfer. Any money you spend during the transfer will be remove from the money while we share the REST 50-50.”

Here are some points to keep in mind while identifying fake or fraud messages. The scams are widespread, there are many complaint on consumer forum portal,  so RBI and websites like, or are giving special attention to this matter, to help potential victims and to catch scamsters. The Reserve Bank of India on its website alerted the public on several occasions about such fictitious schemes/offers through Press Releases  in print and the electronic media.

Following mulitiple scams running on RBI's name and its officials, now RBI below its every official email contains the following caution notice,
“CAUTION: The Reserve Bank of India never sends mails, SMSes or makes calls asking for personal information such as your bank account details, passwords, etc. It never keeps or offers funds to anyone. Please do not respond in any manner to such offers, however official or attractive they may look.”

RBI in its Press Release Cautions..

RBI does not hold any accounts for individuals.
Beware of impersonated names of RBI officials
Nobody from RBI calls up people about lottery winnings/ funds received from abroad
RBI does not send any emails intimating award of lottery funds, etc.
RBI does not send any sms or letter or email to communicate fictitious offers of lottery winnings or funds received from abroad.
The only official and genuine website of the Reserve Bank of India is ( and the public may be careful and not get misled by fake websites with similar addresses beginning with ‘Reserve Bank’, ‘RBI’, etc., along with fake logos.
Inform local police or cyber crime authority about such frauds.

RBI on several occasions in the past, cautioned the members of the public not to fall prey to fictitious offers / lottery winnings / remittance of cheap funds in foreign currency from abroad by so-called foreign entities/ individuals or to Indian residents acting as representatives of such entities/individuals. RBI advised public to register their complaints with the local law enforcement agencies. The Reserve Bank has given the list of such nodal agencies with whom the public can register complaints in its Press Release dated 10 January 2012.

Moneylife always warns its readers not to fall prey for such offers by scamsters and be safe and smart with your money because, "If it looks too good to be true, it usually is."

You may like to read more,

RBI issues another warning on scam e-mails

RBI offering unclaimed funds through lottery? Beware, scamsters are on the prowl again

Nigerian held for lottery fraud in Delhi

Number of online frauds high: RBI official

RBI governor latest victim of scam e-mail



6 months ago

i have received mail from RBI PAYMENT <[email protected]> it seems like what you have mentioned. when i am reading mail it's like truly sent by rbi but i have small doubt about it when go through .then i have browse about it . thank you friend to tell me about this . and i'm requesting to rbi governer please take senior action on this type spams who are sending.

Achintya Kumar Bhattacharya

10 months ago

I have received an exactly similar email

Pronay Pakira

1 year ago

Dear Sir,

I Pronay Pakira from Singur, Kolkata, WB. I received a mail from a unspecific mail id [email protected] received a picture with RBI stamp and signature. It is spread like a viral.. My humble request to Mr. Rajan sir, sir please take some action against this type of scam.

Pronay Pakira
Kolkata, WB

The letter details as below:

(RBI) Governor, Dr
Raghuram Govind Rajan Reserve Bank of India
6, Sansad Marg, Janpath New Delhi
Dear Sir/Madam,
We the Reserve Bank of India bring to your notice that you were listed as beneficiary in a scheduled payment of outstanding debts incurred by Lottery Promotion Council-UK. Pending since 2007 to 2016, these funds were sanctioned to be distributed. In this regard, your email ID was awarded and award categorized as: Contract type Unpaid/Undelivered Lottery funds.
On the 4th day of January 2016, the Reserve Bank of India Governor Dr. Raghuram Rajan and the Secretary-General of the United Nations (Mr. Ban Ki-moon) in accord with the UK Lottery Promotion Council , met the Senate Tax Committee on finance regarding unclaimed/ long pending funds. At the end of the meeting, (RBI) Governor, Dr. Raghuram Govind Rajan mandated all unclaimed funds to be released back to UK Lottery Promotion Council, for subsequent payment directly to the beneficiary stating that it is an unfair practice to withhold funds to government treasury, for one reason or the other for tax accumulations.
Winner no: 00027/WB-Winning Ticket no: 76203/PAWB/176.
So we are writing to inform you that the total sum of [500,000.00 GPB] shall be release and credit to your personal bank account without further delay therefore you are requested to send your details urgently for the transaction.
1.Full Names :
2.Residential Address :
3.Mobile Number :
4.Occupation :
5. Sex:
6. Age:
7. State:
8. Nationality:
9. Marital Status:
10. E-mail id:
11. Bank Name:
12. Account No :
13. Account Holders Name :
14. Bank Branch:
Send above details to this email: [email protected]

Dr. Peter the assign British Agent to monitor your transaction Foreign Exchange Department.


1 year ago

I also got such a spam email.first i thought it was scam. then another mail came including photo,signof approvel,check copy,in letterpad of RBI containing emblem also.although I didn;t pay the money to them Isend my photo,photocopy of pancard and id card,only bank account no and branch details.home address. ph no.and my sign in that application form.Iwant to know is there will be any misues of my identity by these informations.should I do something.


1 year ago


Hello sir i am kalpana from bangalore i got two mails from UK email lottery award winner in the name of RBI so please tell me is it fake or true

1st mail
Customer services,
110001-NEW DELHI

Our ref: Cub/Hog/Oxd1/2013.
Payent file: RBI/id1033/2016/2017
Payment Amount: 2 CROERS, 50 LAKHS IN INDIA RUPEES = $57223 U.S.DOLLAR.

Dear Beneficiary:

The Foreign Exchange Transfer Department (RBI) hereby brings to your attention the payment of your deposited fund here in the RBI. You were listed as a beneficiary in the recent schedule for payment of the past edition email award incurred by the BRITISH GOVERNMENT, which is yet unclaimed due to some circumstance according to your file record.

Your payment is categorized as: Contract type: Lottery/inheritance/ Undelivered Lottery fund/
Recently on the 10 of January 2016 The Reserve Bank of India (RBI) Governor, Dr Raghuram G. Rajan and Ban Kin-moon Secretary-General of the United Nations met with the Senate Tax Committee on Finance RBI Mumbai/Delhi branch regarding unclaimed funds which have been due for a long run. At the end of the meeting (RBI) Governor, Dr Raghuram G.Rajan mandated all unclaimed funds to be released back to the beneficiaries stating that it is an unfair practice to withhold funds in government coffers for one reason or the other. e.g., tax accumulations.

Therefore, we are writing this email to inform you that (2CROERS, 50 LAKHS IN INDIA RUPEES) will be released to you in your name, as it was
Committed by (RBI) Governor that the Beneficiary is to claim this funds immediately (3working days) on receiving this mail. Also reconfirm your details for crediting. Fill the form below and send it immediately .
Email: [email protected] Verification for prompt collection of your fund.
Fill The Form Below:
Make sure you send this details to this Email ( [email protected]) for the
Release of your fund
Mr. Gomez Faddy. Is the assigned British Agent (foreigner) to monitor the transfer upon crediting of your account.
Every document including certificate of funds or company brochure will be couriered to your home address immediately after your transfer. This Bank management will proceed after your swift response to this mail for security proposes in your best interest without delay. Your urgent response is highly anticipated.

The management
The information contained in this e-mail and any attachments there to ("e-mail") is sent by the Reserve Bank of India (RBI) and is intended to be confidential and for the use of only the individual or entity named above. The information may be protected by federal and state privacy and disclosures act or other legal rules. If the reader of this message is not the intended recipient, you are notified that retention, dissemination, distribution or copying of this e-mail is strictly prohibited by federal and state privacy.

2nd mail

Bank Name: Bank Of America
Branch Name: New Delhi Branch
Dcm, Building, 5th Floor, 16 Barakhamba Road P. O. Box 735 New Delhi 1
City : Delhi
District : New Delhi
State : Delhi
MICR 110032001

Attention: Dear Winner.

Welcome to Bank Of America E-mail services, you are currently in contact with the Online International Remittance Department (E-Banking/Online Wire Transfer Section).

We have received a deposited Bank Draft of £500,000.00 from one Diplomat Mike Luis, from BBC Company United Kingdom, regarding your End of year Promo. All formalities set for the transfer is under progress. First of all before the transfer commences, we need to convert the amount from British Pounds into Indian rupees which will amount to 58,086,365.77 INR. To carry out this operation, you are required to deposit (Registration and Conversion fees) of 25,500 INR. This is in accordance to the monetary law guiding the financial institutes in India.

Please reverse to us immediately with the fees so we can proceed with the conversion before we can make the transfer into your provided account.

Diplomat Mike Luis contact number +919871041665 contact him immediately.

Personal/Award details
1. Full Names: .................................
2. Full Home Address:..........................
4. Sex: .........................................
5. Nationality: ................................
6. Age: ...........................................
7. Current City:.................................
8.Occupation: ...................................
9. Mobile Number.................................
10. Account Name: ..................................
11. Account Numbers: ..................................
12. Bank Name: ............................................
13. IFSC Code:..................................................
14 1 Photo:.....................................................
15.Please send your reply to this email only
[email protected]

Thank you for Banking with us, the best of our internet banking services shall be render to you.

Do acknowledge the receipt of this email by replying back immediately.
Thank you for Banking with us, the best of our internet banking services shall be render to you.
To This Effect,We Require Urgent Feedback.

Your Faithfully,
Mrs Priya Kumari
Transfer Manager,
Mr. Kelvin Lula
Funds Verification and Transfer Unit
Bank Of America
(Foreign Remittance Department/Fund Transfer)

sir/mam please mail me immediately

Deepu Pujar

1 year ago

Hi I am Deepak from karnataka today I got one email from UK lottery bord from name of rbi name so please help me they asking me send my full details so wt I do now


2 years ago

i m urmi roychaudhary i heard i got 500,000.00 gbp 2007 l\uk lottery it is true or not my no:9435052055

m aslam

2 years ago

I also have lot off fraud mails by name of rbi .but when I get information from money life I never pay any amount for scam master ,,thaks for information money life

Manesh Mhaske

2 years ago

i had mail fake rbi name mail also about lotery winning and trasfer 15500 rs for

kartick dutta

2 years ago

I have received this kind of mail my name is kartick dutta plz help me

Dipanshu Kulshrestha

2 years ago

GROSVENOR SQUARE Customer services,
Customer services
Payment file: RBI-DEL/id1033/11.
Payment amount: £500,000.00 GBP/ RS. 4 CRORE 99 LAKHS/-INR

Attn: Beneficiary
The Foreign Exchange Transfer Department Reserve Bank of India has decided to bring to your attention, that you were listed as a beneficiary in the recent schedule for payment of outstanding debts incurred by the BRITISH GOVERNMENT pending since 2006 to 2015 according to your file record with your email address, Your payment is categorized as: Contract type: Lottery/inheritance/ unpaid contract funds/ Undelivered Lottery fund/Recently on the 12th of January, 2015. The Reserve Bank of India (RBI) Governor, Dr Raghuram Rajan and Ban Ki-moon Secretary-General of the United Nations met with the Senate Tax Committee on Finance RBI Delhi branch. Regarding unclaimed funds which have been due for a long run, at end of the meeting (RBI) Governor, Dr Raghuram Rajan mandate all unclaimed funds to be released back to the beneficiary stating that it is an unfair practice to withhold funds for government basket for one reason or the other for tax accumulations. Therefore, we are writing this email to inform you that £500,000GBP/ RS. 4 CRORE 99 LAKHS/-INR will be release to you in your name, as it was committed for (RBI) Governor that Beneficiary will have to pay conversion & crediting fees only. So you are therefore required to make the payment to enable us credit your account immediately making a decline for 2 working days after date of receiving this mail. Also reconfirm your details for final crediting.Please you are advised to fill the form below and send it immediately to our transfer department for verification through this email [email protected]}for prompt collection of your fund. Manager Name Mr. Rahul Singh in charges of foreign exchange
Fill In Your Details Below:
1. Full Names:……
2. Residential Address: ………
3. Mobile Number: ………
4. Occupation: …………
5. Sex:………
6. Age: ……….
7. Send to us one Passport Photograph & a Photo …….
8. SEND YOUR CLAIM DETIALS VIA EMAIL: [email protected]}
9. Marital Status:……
10. E-mail id:.........
11. Bank Name: …………
12. Account Number………
13. Account Holders Name:…………
14. Bank Branch:………
MR JAMES OLIVER is the assign British Agent (foreigner) to monitor your transfer upon the crediting of you account.
Mrs. Sonia Sharma
A.T.D /New Delhi
Every document including certificate of fund, brochure of company will be courier to your home address immediately after your transfer.
This Bank management will proceed further after your swift response to this mail for security proposes for the best of your interest without delay; your urgent response is highly anticipated.

£500, 000.00GBP/RS. 4 CRORE 99 LAKHS


Accept my hearty congratulations once again!!!

Kavitha G

2 years ago

I receivd this mail on june 2,initially i ws xcitd bt i'm not dare to give my credintials.Recently they are using regional diretor name.One good thing is they have corrected few mistakes mentioned above and started to forward :P They didn't ask me to deposit any money bt have rewarded me Rs. 3 crore 35 Lac 63,450.48/- INR :P

Naveen Kumar P

2 years ago


AttachmentsJun 1 (2 days ago)

to me
Below is the account detail for payment.



3. ACCOUNT NUMBER: 33024488359

4. IFCS CODE: SBIN0030262


Mr. VIJAY GUPTA. 'Chief Financial Officer –In charge connecting payment
After making payment make sure you scan and send the deposit to this Email
2 Attachments
Preview attachment Naveen Kumar P.jpg
Preview attachment RESERVE BANK OF INDIA.docx

Click here to Reply or Forward
2.1 GB (14%) of 15 GB used
Terms - Privacy
Last account activity: 3 minutes ago


Molay Mandal

3 years ago

I am Malay Mandal From Mundra, Kutch, Gujarat.I have receiving email from last few days that i had won rs 500,ooo GBP and scamer had send a photo and deposit Rs/17500.00 of (RBI) Governor, Dr. Raghuram Rajan the are constantly giving me a call and disturbing me take action against them and I will give 50% from My Winner Money to my help person.
my email id is [email protected]

Will the new government help revive coal production?

Coal India plans to reach this year's target of 507 million tonnes and 715 million tonnes by 2016-17 but continues to face serious hurdles from our own Environment Ministry and state governments

Against the target of 482 million tonnes, the coal production in India actually reached only 463 million tonnes last year and the loss was attributed to the cyclone Phaline and the monsoon flooding. However, the Indian government has simply increased the target for 2014-15 to reach 507 million tonnes. Most people associated with the coal industry say that the progress has been hampered by land acquisition problems and dealing with environmental clearances and so, the chances of reaching this target of 507 million tonnes are remote. Apart from cyclone, Coal Indian Ltd (CIL), the largest producer, has also lost about 3 million tonnes due to illegal mining by Maoist rebels, valued at about Rs600 crore, from its subsidiary Central Coalfields. It is rather sad and strange that such a large scale activity has gone unchecked!


The government has taken the extraordinary step of ensuring that Coal India signs up Fuel Supply Agreements (FSAs) with power companies to supply coal without adequate arrangements for mining the coal required to meet this demand. Signing agreements (FSAs) may simply prove to be paper agreements without any consequence!


And the most important factor is that the power distribution companies have shown little or no interest to buy electricity which is over Rs3 per unit. From the press report, it appears that there are so many power companies, whose total generating capacity is over 27,000 MW that is actually lying idle because the unit cost of power will be more than Rs3 if they had to depend upon guaranteed supplies that would come from high cost imported coal! It is needless to point out that the indigenous supply is not forthcoming which necessitates such imports. It is a vicious circle.


Indonesia, our main supplier, exports 380 million tonnes of coal per year or almost 33% of which comes to India. Price of coal, internationally, has been going down due to poor off take by China and currently ranging between $80 and $90 per tonne. This scenario is likely to continue this year. Domestic prices are much cheaper, but supplies are not adequate.


As we have said before, Coal India's plans to reach this year's target of 507 million tonnes and 715 million tonnes by 2016-17 face serious hurdles from our own MOEF and state governments. Unfortunately, on environmental matters, a uniform policy may not be practical, as each case has to be dealt on its own merits and bearing in mind the local conditions!


Naturally, Coal India, flushed with huge reserves, has been scouting to obtain overseas assets, two of which has been secured in Mozambique. Now, the Canadian High Commissioner, Stewart Beck, has shown interest in discussing the prospect of CIL investing in British Columbia, when he met N Kumar, Director (Technical). Though British Columbia has high quality metallurgical coal, it has also thermal coal reserves to offer. It may be borne in mind that it would probably take 5-7 years for a mine to be fully operational.


In the meantime, Coal India had also toyed with the idea of a joint venture with Shipping Corporation of India to have ships to carry its coal from various destinations, particularly Indonesia, to start with, and later on, probably from Mozambique. This has been shelved due to high cost of imported coal and lack of interest by consumers in the country. Likewise, they had also thought of reviving the Talcher unit of Fertilizer Corporation of India by investing about Rs8,000 crores.


All said and done, what Coal India has not done so far, is the invitation being extended to selected top coal miners in UK, Australia, Poland and the US to come and invest in India, in joint ventures to develop our own coal mines, with their advanced technology, machinery and technically qualified manpower at senior levels, who could mentor Indian personnel to take over, at the end of the contract terms.


The new government has to consider all these matters in national interest to increase domestic production so as to make supplies available and bring down the unit cost of electric power.


(AK Ramdas has worked with the Engineering Export Promotion Council of the ministry of commerce. He was also associated with various committees of the Council. His international career took him to places like Beirut, Kuwait and Dubai at a time when these were small trading outposts; and later to the US.)


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