PFRDA Red Alert: PFRDA Cautions Pension Scheme Subscribers Of Fake App Promising High Returns

Amid increasing digital frauds, investors need to be careful about choosing the platform through which they make investments. This is particularly vital for the market-linked products. In a recent notification, the Pension Fund Regulatory and Development Authority (PFRDA) has cautioned pension scheme subscribers of a fraudulent website and mobile application, named “xpo-ru” that is being used to lure potential investors with promises of high returns. 

“It has been reported by police authorities that one fraudulent website and mobile application “xpo-ru” is illegally carrying out fraudulent activities by collecting funds from the general public inter alia offering schemes like high returns and bonus, refer and earn, etc., primarily operating in Bharatpur, Rajasthan,” PFRDA said in a notification.

The regulator cautioned the public that this entity is not registered with it and, therefore, subscribers should not use the platform or the app. It said the app and the website does not fall under the jurisdiction of the PFRDA Act, 2013. 

Subscribers need to exercise caution while investing money in the National Pension System (NPS) or other pension schemes. PFRDA cautioned investors “not to deal with or give any contribution or documents to the aforementioned website and mobile application, or any of its officers, employees in any manner and to deal with such entities.”

One can check the details of entities registered with the PFRDA on the official website of PFRDA or of the NPS Trust. According to the regulator’s advisory “PFRDA shall not be liable for any loss suffered by any person on account of any dealings with unauthorised entities/ individuals which shall be at their sole risk.”