'Magical rice puller' scam? RBI says stay away from it

The Reserve Bank today cautioned the public not to fall prey to persons using its to market 'rice puller', purportedly a device that said to have magical properties.

In a statement, the RBI said that it has been brought to its notice 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.

"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," said the statement titled 'Cautionary advice on Rice pulling Scam'. 

While cautioning the public not to fall prey to the claims, the RBI said such incidences should be reported to the investigating authorities. 

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"It is 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," the central bank added.