Mizoram on fake banks
Source: Hueiyen News Service / Newmai News Network
Aizawl, April 17 2011:
With the increase of fake banking institutions in Mizoram, the state government has asked the people to be cautious against such companies.
In a public notification, the Directorate of Institutional Finance & State Lottery said, such fake companies and fake financial institutions are mushrooming in the state promising high rate of interest for money deposited in their companies.
The department also asked the people to invest their hard earned money only to invest in recognized banks
and financial institutions.
In the meantime, the Mizo Educated Welfare Association (MEWA) had recently asked the state government to check the employees of non banking financial institution within Mizoram and urged investigation into fake banks and fake money investment.
The association urged the law enforcement officials to strictly enforce the laws prohibiting such nefarious activities by unauthorized institutions.
Earlier, Mizoram chief secretary Vanhela Pachuau revealed that there were 21 fake financial institutions in Mizoram having offices in state capital Aizawl indulging in financial fraud.