The special wing will have a database of various companies in city and it would be charted out soon
Representational image
Vijayawada: The recently-constituted economic offences wing in the Vijayawada police commissionerate is all set to curb financial frauds in the city. From the Uma Chits fraud, which surfaced in 1999, to the recent Agri Gold scam, in which lakhs of people lost their money, Vijayawada is seeing a rise in such financial crimes. Most common cases are those of companies offering high returns and incentives in return to deposits.
Chit fund frauds and others involving thousands of crores of rupees are also rampant with the duped often seen at the office of the commissioner of police, seeking action against the company or individuals who cheated them.
The task force of Economical Offences, hence, has been formed to continuously monitor companies that collect deposits in any form from public and promise interests.
The special wing is headed by ACP Mr D. Srinivas Reddy, and inspectors -- Mr Kasiviswanath and Mr Satyanandam. The wing is observing various companies and their operations in the city, besides keeping a tab on small time chit fund companies. They are keeping a tab on the classified advertisements of the small businesses on all dailies to check their veracity.
Police are also scrutinising city-based companies, their activities and authenticity, an official said. Tele marketing frauds, SMS-based frauds, illegal chit fund firms and others are under the scanner.
( Source : dc correspondent )
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