RBI, Crime Branch J&K hold sensitisation programme on NBFC frauds & BUDS Act in Srinagar
STATE TIMES NEWS
SRINAGAR: A one-day sensitisation programme on Non-Banking Financial Company (NBFC) Frauds and Implementation of the Banning of Unregulated Deposit Schemes (BUDS) Act, 2019 was organised today at Tagore Hall, Srinagar by the Reserve Bank of India (RBI), Jammu, in collaboration with the Crime Branch, J&K Police.
The programme was attended by around 100 officers from the Crime Branch, Kashmir Zone, CID J&K Police, Anti-Corruption Bureau, and the Prosecution Department.
The event was inaugurated by Sujit Kumar, IGP Crime Branch, who presided over the function as the Chief Guest.
In his address, he stressed upon the growing challenge of financial frauds and underlined the vital role of all stakeholders, particularly the police, in effectively investigating and curbing such crimes.
Earlier, in his welcome address, Ram Sarup, Deputy General Manager, RBI, highlighted the supervisory role of regulators and emphasised the need for strict implementation of special laws in tackling frauds committed by NBFCs. The valedictory address was delivered by Abdul Qayoom, IPS, DIG Crime Branch, while Laeeq Ahmad, Joint Director, Crime Branch, elaborated on the key provisions of the BUDS Act, 2019 and the responsibilities of the police in its enforcement.
The programme was organised in pursuance of the directions issued by the Chief Secretary of J&K (Chairman UTLCC) during the 35th UTLCC meeting. Other senior officers present on the occasion included Sudesh Kumari, Assistant General Manager, RBI, Abdul Waheed, SSP EOW, Faiesal Qureshi, SSP Staff Officer, and Muzaffar Hussain, SSP SCW. Experts from SEBI and RBI also delivered lectures on multiple aspects related to NBFC frauds and regulatory mechanisms.
