People should not fall prey to “Get Rich” schemes: DGP

Director General of Police Anurag Sharma on Wednesday advised people not to fall prey to “get rich” schemes as very high returns are unsustainable.

The DGP was addressing a seminar of officers of Telangana Police and CID which was conducted by the Reserve Bank of India. The inaugural session of the seminar was attended by the DGP, RBI Regional Director R. Subramanian, CID IGP Dr. Soumya Mishra, SEBI Deputy GM Bhavana Ravi Kumar and RBI General Manger Suvendu Pati. The seminar was mainly aimed at capacity building of the Police Officials on the regulatory frame work of non-bank entities and various legal issues involved in implementation of protection of depositors.

Speaking on the occasion, the DGP said that the police officers need to upgrade their skills and knowledge regarding economic crimes like fraudulent Multi-Level Marketing Schemes collective investments schemes, bogus chit funds etc.  With the focus on online payment and mobile banking in recent times, there is a likelihood of increase in crime in these areas.  Therefore, Police and regulatory authorities like RBI, SEBI, Registrar of Companies etc., have to put in place effective machinery to tackle the menace, he said.

SEBI DGM Bhavana Ravi Kumar particularly stressed on regulation of collective investment scheme and appraised that SEBI has passed orders against unauthorized 100 CIS schemes.

Dr. Soumya Mishra said that field level units of Police, RBI and SEBI should work towards creating awareness among the public to protect the interest of the investors.  Any market information regarding any fraudulent entities or schemes should be informed to CID, Economic Offences Wing for taking further action

The RBI General Manager said that RBI would support all efforts to improve investigative skills of police.

Around 80 Police officials from CID and all Police units of Telangana State took part in the seminar. (INN)