Karnataka - Bangalore   

Website to check fiscal frauds launched

Staff Reporter

It gives information on safe investments and registered financial institutions

BANGALORE: To check financial frauds and educate the people about firms accepting deposits by promising high rates of interest, the Karnataka State Souhardha Federal Cooperative Ltd. (KSSFCL) has launched a website, www.stopfraud.in.

The website was launched by the Minister for Cooperation, R.V. Deshpande, on Monday. It gives information on various aspects of safe investments and deposits and registered financial institutions and organisations. It also explains how financial frauds are committed and throws light on the recent frauds as well as the suspicious activities of certain companies in the State. It guides people on how to lodge complaints against such fraud.

Greed on the part of depositors, apathy of regulatory bodies, lack of information dissemination by stake-holders, fear of entanglements with the authorities, and complicated legal processes in unearthing suspicious transactions have been identified by the website as some of the important factors leading to frauds.

Mr. Deshpande appealed to the people to be careful while depositing money in financial institutions. "People should deposit funds only in recognised institutions and not in those that claim to give exorbitant rate of interests," he said.

Approval for Bill

Mr. Deshpande and the Minister for Law and Parliamentary Affairs, H.K. Patil, appealed to the Union Government to approve the Depositors Interest (Protection) Bill that has been passed by the Legislative Assembly. The Ministers said that protecting the interests of depositors will become easy once the Centre approved the Bill.

The Chairman of the organisation, Manohar Maski, said the website aimed at keeping a tab on suspicious financial institutions in the State and creating awareness among the people on financial frauds. The Leader of the Opposition in the Legislative Assembly, B.S. Yediyurappa, spoke.

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