CS stresses for strict action against fraudulent financial companies

Shimla, September 11, 2017: While presiding over the meeting of state level coordination committee (SLCC) on non-banking financial companies of the state, Chief Secretary Shri V.C.Pharka stressed for taking timely and effective action against the entities engaged in unauthorised collection of funds or deposits from public with fraudulent intentions.

He said the RBI has started the website –Sachet for handling fraudulent financial companies. The website was also helping to enhance coordination among regulators and state government agencies. Any person can lodge his complaint, if any company was trying to collect money illegally

He said the website has been enabled for public to obtain information regarding entities that accept deposits, lodge complaints and share information regarding illegal acceptance of deposits. The website also incorporates regulations prescribed by all financial regulators that different entities have to follow.

Expressing a need to aware people about financial management, he said the awareness could be generated in two parts, one with focus on increasing financial awareness of the masses and other on increasing awareness of officials of the law enforcement agencies.

The Chief Secretary said the public was being made aware by the police through community policing schemes regarding the inducement given by companies fraudulently to deposit or invest money in their schemes.