21May2019

Andaman Chronicle

The Daily Diary of the Islands

Articles

Administration to Collect Details of All Chit Fund Companies/ Non Banking Financial Institutions Operating in the Islands

General Public Asked to Be Cautious Before Investing Their Hard Earned Money

Port Blair, April 30: Taking cognizance of recent reports of financial scam by the company name "SHARDA" in national print and electronic media and as per the directions of the Hon'ble Lt. Governor, A&N Islands, a meeting was held in the chamber of Deputy Commissioner, South Andaman today to discuss the operation of Chit fund companies/ non banking financial institutions and suggest further steps to check any prospective fraud and manipulation of the money of general public by any such company in these Islands.

This meeting was attended by SP, District, SP (CID), legal and financial officers from administration and financial institutions. In the meeting it was decided to seek the details of all such chit fund companies/ non banking financial institutions dealing in deposition of general public money and to issue notices to all these companies/ non financial banking institutions to provide all relevant documents pertaining to their functioning to the office of the Deputy Commissioner, South Andaman within 3 days. A sub-committee under the chairmanship of Deputy Secretary (Law) has also been constituted to examine the documents of all such companies and to submit a report about the functioning of the same.

Meanwhile the general public of these Islands have been advised to be cautious in investing their hard earned money in non-registered non-banking financial institutions and ensure the credential and legality of the institutions before any investment.

General public is also advised to provide information about functioning of any such chit fund company/ non-banking financial institutions if they have any doubt about the functioning and credentials of the same, a communication from the Assistant Commissioner (HQ), A&N Administration said here today.