“Be cautious of unrecognised financial institutions”

March 31, 2015 12:00 am | Updated 05:44 am IST - TUTICORIN:

Commercial Crime Investigation Wing (CCIW) of Tuticorin advised the public not to fall a prey to unrecognised financial institutions, which often indulge in adopting deceptive practices to swindle money deposited in such institutions.

The awareness programme was organised by the CCIW on Monday as per a directive of Additional Director General of Police, Economic Offences Wing, Pradeep V. Philip.

V. Gopalasamy, retired senior manager of Indian Overseas Bank, chief guest, explained how depositors were cheated by fraudulent institutions.

Inspector of CCIW, Tuticorin, A. Annamalai, during a session said a maximum interest of 12.5 per cent interest was being given on fixed deposits by financial institutions but some fraudulent financial institutions deceived the gullible depositors by promising them higher interest rate than the norms of authorised financial institutions.

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