Stringent punishment of white collar criminals and creating awareness among the gullible public on the fly-by-night financial institutions and chit fund companies will go a long way in checking the growing incidence of financial frauds, said the speakers at a meeting “Financial frauds – control” organised by the Communist Party of India here on Wednesday. President of Forum for Better Visakha EAS Sarma told the participants that their deposits were guaranteed in public sector banks. He said chit fund companies should be banned and felt that a united struggle was needed to check the operations of fly-by-night companies.
Praja Spandana president C.S. Rao attributed the growing consumerism and ostentatious lifestyles as the root cause of the problem. Former Vice-Chancellor of Acharya Nagarjuna University V. Balmohan Das detailed about the genesis of Ponzi finance companies and their proliferation over the years. Chairman of the Visakhapatnam Cooperative Bank Manam Anjaneyulu felt that instead of stressing too much on the ‘greed’ factor of gullible investors would dilute the crime angle of economic frauds. He wondered as to why the governments were allowing the white collar criminals to go scot free.
CPI District Council secretary J.V. Satyanarayana Murthy presided.
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