Fraudulent companies induce people with high returns on their deposits
Hi, Mr. Shyam,
This is Anurag from Bhopal (Madhya Pradesh). At present I am franchisee of TV99 news channel for Madhya Pradesh, Chhattisgarh, Bihar, Jharkhand and Vidarbh state.
There are a lot of chit fund companies working in the rural areas of Madhya Pradesh. Some days ago (Economic Offences Wing) EOW of Madhya Pradesh had taken strong action against local branches of chit fund companies.
One of them is Saiprasad Foods, just like KMJ. The website address of Saiprasad Foods is www.saiprasadgroup.com. In their group Saiprasad Developer is chit fund company and it is collecting deposits from public without the permission of the RBI.
There are a number of companies which have been cheating the gullible all over country. People are induced with high rate of interest in a short span of time. That is why they part with their hard-earned money easily. We have to bring awareness among public that there is nothing like easy and quick money and their money is safe in the scheduled commercial banks only. The Reserve Bank of India guarantees for their deposits with the commercial banks.
All non-banking finance companies collect deposits without any permission from the RBI. The police who are supposed to safeguard the interest of people turn a blind eye stating that they are busy with the routine work.
In fact, the RBI way back in 1986 has given instructions to all the State Governments through out the country to appoint circle inspector level police officers to check the illegal collection of deposits.Sadly there is no action on the part of the respective State governments so far.
While collecting deposits, these fraudulent companies offer heavy commission to the persons who collect deposits from public. That amounts illegal money circulation schemes and criminal cases could be filed on that count also.