Fake NBFCs defrauding people in Mizoram

AIZAWL, July 19 – There were 21 fake financial institutions in Mizoram having offices in the State capital Aizawl indulging in financial fraud, Chief Secretary Van Hela Pachuau said yesterday.

Such non-banking financial institutions (NBFCs) have cheated the people taking advantage of their ignorance, Pachuau told a seminar of government and police officials on the Regulation of Unauthorised Elements of Non-Banking Financial Companies (NBFCs) and Un-incorporated Bodies (UIBS) in Mizoram.

“Majority of these institutions are from outside the State and we, the Mizo people, help them in their surreptitious intentions due to our greed,” he said.

He urged the law enforcement officials to strictly enforce the laws prohibiting such nefarious activities by unauthorised institutions.

The seminar was jointly organised by the State Finance department and the Reserve Bank of India and attended by RBI officials, top Finance department officials and senior police officers.