Andhra Pradesh CID Additional Director General of Police Ch Dwaraka Tirumala Rao has called for steps to deal with non-financial institutions indulging in fraudulent practices and protection of customers who invest money therein.
Rao was speaking at one-day seminar organised jointly by AP CID and Reserve Bank of India here.
During the event, discussion was held on legal action that can be taken against non-financial institutions, including chit funds, which indulge in fraudulent practices.
He said the main objective is to protect the customers from losing money at such institutions.
Various officials from RBI, legal advisers, public prosecutors, and police officials participated in the seminar.
PTI