The Government has belatedly awoken to the menace of fake financial institutions that have lately mushroomed in the State and, in the course of their clandestine activities, have looted crores of rupees from unsuspecting subscribers and customers. Dubious methods used by them are to publicise big returns to the depositors for their deposits with the companies or the much higher rate of interests in comparison to the bank rates, the fake companies promise to pay to the depositors and lure them into making big deposits. But having amassed crores of rupees, they suddenly disappear and leave the subscribers in lurch. Many such cases have been brought to the notice of the Government and the Finance Department, finally awaking to the fraud perpetrated on unsuspecting public, has drafted a bill which after receiving the nod of the cabinet, will be tabled in the legislative assembly to become an Act. The public in general will highly appreciate the step of the Government to take serious action against the fraudulent elements and criminal activities of unscrupulous persons.
Once the bill is passed in the legislature, naturally most of the fake institutions will pull down the shutters of their shops and go home. But it would be highly appropriate if the Finance Department stipulates very strong conditions for according permission to the prospective applicants desirous of opening new financial companies. The evil has to be nipped in the bud and not allowed to grow and flourish till it becomes a source of general loot and embarrassment for both, the prospective depositors and the Government. The Government rightly proposes confiscation of all immoveable property and assets of the handlers of such fraudulent financial companies.
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