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UNITED NEWS OF INDIA
LUDHIANA, Sept 21: Scores of small investors have fallen prey to the ``attractive '' schemes floated by non-banking finance companies (NBFCs) in Punjab. In Ludhiana, a business hub of the state, alone a dozen NBFCs have duped 2,170 investors of more than Rs 5 crore during the past ten months, senior sperintendent of police Dinkar Gupta told UNI.
Investors are tempted to deposit their life savings in these schemes because of high rate of returns, but end up watching their life incomes go up in smoke. Police can only clamp down on fly-by-night operators, book them and put the case for trial in the court. `` But this does not act as a sufficient deterrent to the operators as they often sell off their assets even before the court begins trial ,'' Gupta said expressing police force's inability in helping investors get some relief. The SSP suggested that the Punjab government should enact a legislation on the lines of Tamil Nadu and Maharashtra, where assets of dubious companies are attached soon after filingcases. The government may appoint a competent authority to control the attached properties of such operators.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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