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70 held in connection with irregularities

By R Dutta Choudhury
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GUWAHATI, Sept 6 � The Bureau of Investigation of Economic Offences (BIEO) of the Assam Police has so far arrested 70 persons in connection with the cases relating to irregularities committed by the non-banking financial companies (NBFCs) in the State.

Highly placed official sources at Dispur told The Assam Tribune that the BIEO has so far registered 39 cases against the NBFCs and the chargesheets of 14 of those have already been filed. Sources revealed that the BIEO has so far seized cash and bank accounts where more than Rs 2.50 crore was kept, while immovable properties worth Rs 12 crore were detected and attached.

Sources revealed that the rest of the cases are now under investigation and the chargesheets of several of those are likely to be filed soon as the investigation is in its final stage.

Sources said that the BIEO has already filed chargesheets against companies and owners of companies like Jeevan Suraksha, Rangdhali, Ashirwad Marketing, Idol India Group of Companies, UNIPAY 2, Alliance Vision Marketing etc., while one of the cases was transferred from the Assam Police to the Central Bureau of Investigation (CBI).

The BIEO also arrested seven persons including the chairman-cum-managing director of Rose Valley, the city office of which was recently sealed by the Kamrup (Metro) district administration. However, a case between the company and the Securities and Exchange Board of India (SEBI) is pending before the court, which may delay filing of the chargesheet in the case. Similarly, cases between the SEBI and companies like Amrit Project and PACL are pending before the courts.

Regarding chances of those who were duped by the companies, getting back their deposits after the attachment of the properties of such dubious companies, sources said the matter would depend on the courts. If the courts direct the Government to auction the properties and refund the money of the depositors, then only the depositors would hope to get back at least a portion of their deposits.

It may be mentioned here that in recent times, the Government is sealing the offices of NBFCs in different parts of the State. But according to the provisions of the amended Assam Protection of Interests of Depositors� Act of 2013, no one can start such a business without getting a no-objection certificate from the Deputy Commissioner concerned. Under the circumstances, one fails to understand as to how such companies could do business for such a long time without obtaining any such certificate.

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70 held in connection with irregularities

GUWAHATI, Sept 6 � The Bureau of Investigation of Economic Offences (BIEO) of the Assam Police has so far arrested 70 persons in connection with the cases relating to irregularities committed by the non-banking financial companies (NBFCs) in the State.

Highly placed official sources at Dispur told The Assam Tribune that the BIEO has so far registered 39 cases against the NBFCs and the chargesheets of 14 of those have already been filed. Sources revealed that the BIEO has so far seized cash and bank accounts where more than Rs 2.50 crore was kept, while immovable properties worth Rs 12 crore were detected and attached.

Sources revealed that the rest of the cases are now under investigation and the chargesheets of several of those are likely to be filed soon as the investigation is in its final stage.

Sources said that the BIEO has already filed chargesheets against companies and owners of companies like Jeevan Suraksha, Rangdhali, Ashirwad Marketing, Idol India Group of Companies, UNIPAY 2, Alliance Vision Marketing etc., while one of the cases was transferred from the Assam Police to the Central Bureau of Investigation (CBI).

The BIEO also arrested seven persons including the chairman-cum-managing director of Rose Valley, the city office of which was recently sealed by the Kamrup (Metro) district administration. However, a case between the company and the Securities and Exchange Board of India (SEBI) is pending before the court, which may delay filing of the chargesheet in the case. Similarly, cases between the SEBI and companies like Amrit Project and PACL are pending before the courts.

Regarding chances of those who were duped by the companies, getting back their deposits after the attachment of the properties of such dubious companies, sources said the matter would depend on the courts. If the courts direct the Government to auction the properties and refund the money of the depositors, then only the depositors would hope to get back at least a portion of their deposits.

It may be mentioned here that in recent times, the Government is sealing the offices of NBFCs in different parts of the State. But according to the provisions of the amended Assam Protection of Interests of Depositors� Act of 2013, no one can start such a business without getting a no-objection certificate from the Deputy Commissioner concerned. Under the circumstances, one fails to understand as to how such companies could do business for such a long time without obtaining any such certificate.