Port Blair, June 14: It has been observed that various Non-Banking Financial Companies (NBFC) or Chit Funds companies are being operated in Andaman & Nicobar Islands without approval of the RBI and are collecting the hard earned money from general public at large and then escape from these Islands.
The modus operandi of these companies was to appoint local representatives and attract general public with lucrative schemes such as advance tour package, instalment deposit scheme, multiplier secured redeemable debenture, regular income secured redeemable, money double policy etc. with very high rates of return. The investors misleadingly believe in these schemes and invest their hard earned money.
The investors were being asked by these companies to make deposits through demand draft, credit card or cash deposit in a bank account number or deposit money through the agents or at the company branch offices. Innocent people fell in these traps and went on making payments for these so called “Investment”. All these companies defaulted on their promised return payment on maturity and the customers found that their offices have been either shut down or the cheques they had given to customers were bouncing from the banks. Customers have lost lakhs of rupees in investing in these bogus companies.
The general public have been advised to be aware of such non banking financial companies/chit funds functioning in their areas and not to invest their hard earned money in such lucrative schemes announced by the companies and inform to the nearest police stations or on telephone numbers -100, 233077, 232405, 258019 if such companies are in existence in any area.
