DGP cautions against fraudsters

ALUVA: Economic frauds to the tune of over Rs 1,000 crore, including money chain, have come to the notice of the state police, Director-General of Police Jacob Punnoose told newsmen here on Sunday.Briefing newsmen after a meeting of the top police officials of the state at the Police Club here, the DGP said that the cases of money chain cheating had been reported more from the districts of Kozhikode and Wayanad.He said that these cases were being investigated by the Crime Branch police. Owing to the large number of cheating cases, experts and committed police personnel would be included in the team to expedite the investigation, he said. It has come to the notice of the police that some of the companies which were closed after cheating the people launched their business in some other names in other places, he said.The police are also aware of the fact that some private banks were helping the companies which indulged in economic offences. A company which reportedly cheated the people of around Rs 300 crore had operated 14 accounts in false addresses in one particular bank. The police would report to the Reserve Bank of India about the opening of accounts in false names in the banks.Jacob Punnoose said that the people should not fall a prey to the tempting offers of the fraudsters. The people are being offered highly attractive income for their deposits and the fraudsters instigate the active members to enrol more customers in the chain to get more income. A business like the money chain is illegal and it is punishable under various rules, the DGP said. Those who enrol others in the business and those who join such illegal business are equally punishable, he said.He said that the bridling of the real estate business was an impossible task. The people should clearly inquire about the credibility of the builders before investing amount in the real estates, he said.