'Assam govt taking action against fake financial institutions'

GUWAHATI: The Assam government today said stern actions were being taken against fake financial institutions which were duping countless investors in the state.


Parliamentary Affairs Minister Nilomoni Sen Deka told the state Assembly that as of March 6, 2013, a total of 192 cases had been filed against 117 such companies.

"Besides, as per report from DIG (CID), 273 people have been arrested for involvement in such institutions," he said.

"The police have also seized 106 bank accounts and Rs 93.81 lakh. In addition, property worth Rs 24.28 crore and six bighas of land have also been seized from fake financial companies," he said.

Asom Gana Parishad MLA Bhupen Ray raised the issue of fake companies and fly-by-night operators and said Assam had witnessed a proliferation of such firms in recent years.

"Crores of rupees have been embezzled by such companies. The 22 lakh unemployed youths of the state are susceptible to be influenced by such firms and become agents or middlemen for them," Roy said urging strict enforcement of RBI and IRDA rules in the state.