Committee formed to protect people from 'deposit mobilising companies'

Kolkata: A high-level coordination committee, headed by Chief Secretary Malay De, has been formed to ensure that people do not get cheated by "deposit mobilising companies," which have changed their modus operandi to collect money after promising substantive return in goods and services instead of assuring high rates of return in cash.

The committee, headed by the Chief Secretary, is also comprised of the state Home Secretary and a senior official of the state Consumer Affairs department. In district level, the work will be monitored by deputy superintendent rank officers.

The step to form the committee has been taken after the state government received information that in some districts, a section of deposit mobilising companies are collecting money by befooling people. These companies have taken up the new modus operandi after stringent measures were taken against some companies which used to collect money through different chit fund schemes.

Now, agents of the companies are collecting money through different monthly schemes, assuring foreign tours, high-end gadgets, etc. Options are being given to deposit money at the end of every month, on a quarterly basis or as a one-time investment.

But complaints have been received, mainly from four districts, that many investors have not received anything after depositing money every month for a tenure of one year.

It may be mentioned that the state government has set up the Directorate of Economic Offences (DEO) to check such activities. DEO, which is entrusted with enforcement of West Bengal Protection of Interest of Depositors in Financial Establishments Act (WBPIDFE), has also received such complaints and took up a massive awareness campaign to make people aware that they shouldn't invest in such schemes. Now, with the formation of the committee headed by the Chief Secretary, more stringent measures would be taken to restrict functioning of such groups so that people do not fall into their trap.

It may be mentioned that some, including directors and key persons of such companies, were arrested and the work to identify more such people to ensure that they get arrested as early as possible, has already begun.