“Be wary of fraudulent firms”

People should not invest in companies that sell land against low monthly instalments — a phenomenon which is on the rise in southern districts, south zone Inspector General of Police Abhay Kumar Singh said here on Thursday. He was addressing an awareness campaign titled ‘Finance and Investments’ organised by the Reserve Bank of India (RBI)-Chennai in association with Securities and Exchange Board of India (SEBI) and Economic Offences Wing (EOW) of the State police. “If a non-banking financial company (NBFC) offers interest of over 12.5% on your investment, be cautious and check the background of the firm. You can also check its credentials on the RBI website. If you find anything suspicious about the firm, lodge a complaint with the police immediately,” he said. RBI Regional Director J. Sadakkadulla said people lose their money to unscrupulous financial institutions and individuals. “Be wary when you are promised quick gains — right from persons who run monthly chit schemes in the neighbourhood to large companies that invite investments in fraudulent ventures,” he said. Annie Vijaya, Superintendent of Police (EOW), said she knew of many women who had lost their money deposited in chit funds run by not only strangers but even neighbours. “Women hesitate to register complaint fearing backlash from their family members for losing money. We appeal to such women to approach the nearest EOW office and register a complaint,” she said. Among the attendees were a large number of women self-help group members.