‘Agencies should work together to control finance frauds’


Jaipur: Retired IPS officer and former special director, CBI, Balwinder Singh, urged all the investigative agencies at the Centre and states to be equipped with advanced skills and work together without bothering about jurisdiction conflicts. Singh was speaking on 'multilevel marketing frauds' during concluding session of the seminar aimed at educating state police to curb financial frauds in the country at Rajasthan police headquarters on Friday.

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"Several types of financial frauds are increasing in the country. He said that these companies deceive the masses in a very clever manner. In order to put such culprits behind the bars, all investigative agencies including CBI, income tax, customs, enforcement directorate, SEBI and police need to be equipped with advance skills and work together to curb ponzy scams," Singh said. His examples on crimes were simple, precise and understandable for the audiences.

Earlier in the day, experts shared their views, observations and case studies with the delegates participating in the workshop. Most of the speakers were of the view that increasing financial frauds and cyber crimes can be tackled by better inter-disciplinary co-ordination among the agencies and through awareness among the masses.

General manager & chief vigilance officer of Oriental Insurance Rakesh Kumar threw light on 'general insurance frauds' elaborating how insurance companies, other than the four governmental insurance companies, lure and cheat their clients. "Masses need to be very sharp and aware of the terms and conditions of insurance companies while getting anything insured," he added.

The session on 'money laundering' was addressed by special director of Enforcement Directorate, New Delhi, Yogesh Gupta. "During investigation in money laundering cases, the burden of proof lies with the accused and other beneficiaries," he added.