To check frauds and money swindling, Economic offence wing set up
Source: The Sangai Express
Imphal, May 19 2013:
With the primary objective of checking the practice of swindling money from the public by non-banking financial companies (NBFC), an Economic Offence Wing has been set up in Manipur Police Department.
The Economic Offence Wing was set up by the institutional finance cell of the Finance Department at the instruction of the Reserve Bank of India after huge amounts of money were swindled by NBFC's from the public in different States of India particularly West Bengal, Tripura and Assam, informed an official source.
Manipur has also witnessed similar cases of swindling money from the public by some NBFCs.
At certain instances, there were massive public outcry against the deceitful practice and when police launched investigation, the top-rung leaders of the fraud companies went into hiding.
Economic Offence Wing (EOW) of Police Department would function under CID and it would investigate into fraudulent practices of NBFCs.
Already, EOW has started checking if there is any cases registered in connection with economic offence in any police station of the State.
With police having limited knowledge about economic offence, very few cases were registered in connection with earlier instances of swindling money from public by fraudulent companies though many victims lodged complaints with police.
At the instruction of RBI, an extensive awareness campaign about economic office would be organised in the State together with RBI officials.
Similar awareness programmes would be organised with Deputy Commissioners and Superintendents of Police, conveyed the official.
In addition, seminars/workshops on economic offence would be held for police officers who would be investigating such cases.
Genuine NBFCs should be registered with RBI and follow RBI guidelines.
Generally, investment in NBFCs were done in secret.
It was only when the fraud companies broke up, the whole dealing came to light.