With the mushrooming of fraudulent financial companies across the country causing a concern, the Economic Offences Wing — Tamil Nadu has embarked on an awareness initiative to prevent public from falling prey and losing money to such institutions by way of deposits.
On Monday, the Economic Offences Wing and Commercial Crime Investigation Wing — CID of Tamil Nadu and Revenue Department will conduct an awareness campaign to train and educate public on the activities of fraudulent financial companies and prevent them from depositing in such institutions.
In a press release, the Economic Offences Wing pointed out that there has been a mushrooming of financial institutions offering attractive returns for money invested in their companies in the recent years.
In addition, many financial companies were collecting money in the name of online trading and vanished after collecting crores of rupees.
In most cases, the aggrieved depositors were retired persons, monthly earners, daily wagers, and poor and middle income group persons. Many persons deposit their hard-earned money for future for purposes. But end up suffering huge loss due to fraudulent financial companies/chit fund firms, the release said.
Considering this situation, a State-level coordination committee meeting chaired by the Chief Secretary was held last month in which various regulatory agencies participated.
At the meeting, the decision to alert the public was taken.
In line with this, the campaign will be held on March 30 from 10.30 a.m. to 12.30 p.m. at Kavalar Thirumana Mandapam near Periyar Poonga in Vellore, the release added.
There has been a mushrooming of financial firms offering attractive returns
