RBI, Crime Branch hold awareness programme on NBFC frauds

Srinagar, Aug 27: A one-day sensitisation programme on Non-Banking Financial Company (NBFC) frauds and the implementation of the Banning of Unregulated Deposit Schemes (BUDS) Act, 2019 was held at Tagore Hall, Srinagar on Tuesday. The event was organised by the Reserve Bank of India, Jammu, in collaboration with the Crime Branch of J&K Police.

Around 100 officers from the Crime Branch Kashmir Zone, CID, Anti-Corruption Bureau, and the Prosecution Department participated in the programme.

Sujit Kumar, IGP Crime Branch inaugurated the programme & presided over the function as the chief Guest. In his address, the chief guest highlighted the challenges of financial frauds & role of stakeholders in tackling this menace, especially investigation by the Police.

Ram Sarup Dy. General Manager, RBI, in his welcome address, highlighted the supervisory role of Regulators & need for implementation of a special law in the investigation of fraud by the NBFC.

The valedictory address was presented by Abdul Qayoom DIG Crime Branch. Laeeq Ahmad Joint Director Crime Branch in his lecture highlighted the provisions of the BUDS Act 2019 & role of police.

The said programme was organised in pursuance to directions of the Ld. Chief Secretary J&K (Chairman UTLCC) issued in the 35th UTLCC meeting.

Other officers who attended the said program included Sudesh Kumari Asstt. General Manager RBI, Sh. Abdul Waheed SSP EOW, Sh. Faiesal Qureshi SSP, Staff Officer, & Muzaffar Hussain SSP SCW.

Officers from SEBI & RBI delivered lectures on various aspects concerning the subject.