Alarm over mushrooming growth of fake financial institutions
GUWAHATI, Sept 21: Burgeoning fake financial institutions and non-banking financial companies in Assam and the increasing number of cases of financial fraud by such companies has become a cause of concern for the Consumer Legal Protection Forum. The Forum has flayed the State Government for neither taking steps to check the growth of these financial institutions nor to create awareness among the people.
Forum chief convenor Ajoy Hazarika said, “Assam has witnessed the mushrooming growth of fake financial institutions and non-banking financial companies over the years. These companies are cheating people out of their money. People are promised good returns if they invest in the various schemes of the companies. Far from getting double the money that people invest, they do not even get back what they invest. And after duping people these companies close down their offices and their executives disappear. To invest in these companies people even sell off their jewellery and cattle.”
Hazarika further said, “Unfortunately the level of awareness among the people of this State is low and hence they easily fall prey to such fake financial institutions. With the objective of creating awareness among people, the Consumer Legal Protection Forum had organized a programme at Tihu. A lot of people in Tihu have been duped by two such fake companies – Mumbai-based Red Carpet and Uttarakhand-based Rose India. The Forum advised them on how to seek legal help in such cases. We also assured them of all possible legal aid. We have in fact registered a case against such fake comapnies with the Crime Investigation Branch of the Assam Police.”
“We appeal to people not to fall for the big promises made by financial institutions and to always do a thorough background research before investing in any financial company, ” he added.
(THE SENTINEL, September 22)
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