Mechanisms to detect financial crimes discussed at Chief Secretary’s Conference Hall

A Correspondent

ITANAGAR: The ninth-round meeting of State Level Co-ordination Committee (SLCC) for Arunachal Pradesh on regulation of Non-Banking Financial Companies (NBFCs) and Un-incorporated Bodies (UIBs) was held under the chairmanship of Chief Secretary Naresh Kumar at the Chief Secretary’s Conference Hall here on Tuesday.

Regional Director for North Eastern States Reserve Bank of India Manoranjan Dash, Dr AC Verma Principal Secretary (Finance, Planning & Investment), Ravindra Yadav IGP Law & Order, GS Meena Commissioner Law, YW Ringu Secretary Finance, CN Longphai Secretary Home, Siva Govinda Peton Deputy General Manager SEBI, Dr Navdeep Singh Brar SP Crime and others were present in the meeting. The Chief Secretary, alarmed with cases and news of financial frauds via website, mobile messages and unauthorized collection of deposits etc., suggested that the RBI should develop a hi-tech surveillance mechanism with the capacity to detect any crime (financial) in its initial stage and let the law enforcing authorities to take actions accordingly.

Citing examples that even the most aware individuals can sometimes fall prey to these unscrupulous entities, the Chief Secretary asked the RBI and other regulators to conduct awareness programmes in every nook and corner of the State in order to educate the people of Arunachal Pradesh of the various financial frauds.

The Chief Secretary directed the SP Crime and Secretary Finance to share crimes (financial) committed in the State and legislations, orders, notifications and latest developments of the State Government with the RBI.

Dr AC Verma requested the RBI and other regulators to open stalls and participate directly or through banks participating in the Sarkar Apke Dwar camps to disseminate the information and make the public aware about unauthorized collection of public deposits by various illegal entities.

The house also discussed on The Banning of Unregulated Deposit Schemes, Act 2019 which provides comprehensive mechanism to ban the unregulated deposit schemes, other than deposits taken in the ordinary course of business and to protect the interest of depositors and for matters connected therewith or incidental thereto.

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