CS calls for developing mechanism to check financial crimes

ITANAGAR, Oct 22: Expressing alarm over reports of financial frauds via websites, mobile messages, unauthorized collection of deposits, etc, Chief Secretary Naresh Kumar suggested that the Reserve Bank of India (RBI) should “develop a hi-tech surveillance mechanism with the capacity to detect any financial crime in its initial stage, and let the law enforcing authorities take actions accordingly.”
Addressing a meeting of the state-level coordination committee on regulation of non-banking financial companies and unincorporated bodies at the civil secretariat here on Tuesday, the CS said “even the most aware individuals can sometimes fall prey to unscrupulous entities,” and urged the RBI and other regulators to conduct awareness programmes throughout the state to educate the people on various financial frauds.
The CS directed the crime SP and the finance secretary to “share information with the RBI about financial crimes committed in the state, besides legislations, orders, notifications and the latest developments of the state government.”
Finance Principal Secretary AC Verma urged the RBI and other regulators to “open stalls and participate directly or through banks participating in the Sarkar Aapke Dwar camps to disseminate information among the public about unauthorized collection of public deposits by various illegal entities, and other related matters.”
The participants, including, among others, the RBI’s NE Regional Director Manoranjan Dash, Law & Order IGP Ravindra Yadav, Law Commissioner GS Meena, Finance Secretary YW Ringu, Home Secretary CN Longphai, SEBI DGM Siva Govinda Peton, and Crime SP Navdeep Singh Brar, also discussed the Unregulated Deposit Schemes, Act, 2019, which provides for a comprehensive mechanism to ban unregulated deposit schemes, other than deposits taken in the ordinary course of business, and for protecting the interest of depositors. (CSO)