CID Issues Alert against 31 NBFCs Pinpointed by RBI

Published: 20th May 2015 06:01 AM  |   Last Updated: 20th May 2015 06:01 AM   |  A+A-

HYDERABAD: The CID of the State police on Tuesday released a list of 31 non-banking financial companies which failed to meet the standards and guidelines set by the Reserve Bank of India (RBI). The RBI, the police said, had cancelled their accreditation and cautioned the people not to enter into any financial transactions with the companies. Of the 31 companies, 29, including two of the Margadarsi group, are based in Hyderabad and Secunderabad.

The CID clarified the firms had not indulged in any kind of fraud. “There is no fraud in this at all, as of now. If at all, anybody has a complaint, they can approach the RBI and they will look into the matter,” said Charu Sinha, inspector general of police, CID. Charu Sinha further said, “RBI and CID are working together in certain areas on multi-level marketing. This is the information we have consolidated from the RBI over the last 10 months.”

 The IG also said the alert was issued so that the public was notified that these companies no longer function.

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