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EOW to launch website soon to guide investors

Developed by IIT, it will be handled with the help of RBI

The State Economic Offences Wing (EOW) along with the Reserve Bank of India (RBI) will soon launch a website that will give investors the details of non-banking finance companies (NBFCs), like whether they were licensed by the RBI and their ratings in terms of risks.
Tamil Nadu Police will be the first to introduce such a facility that will go a long way in prevention of cheating by scamsters, the Additional Director General of Police, Prateep V. Philip (EOW), told The Hindu here on Friday.
Stating that the software has been developed by Indian Institute of Technology, he said the data base of NBFCs from RBI will be uploaded in the website.
Through emails
and SMS
Investors can know the details of private financial companies from the website.
The website will also send automated response through e-mails and SMS to the investors, Mr. Philip said.
People could also know the ratings of the companies in terms of risk involved in investments. Stating that the website would be launched by February, he said the EOW would ask the RBI to handle the website and expand its services across the country.
Mr. Philip said that EOW has been taking proactive steps in preventing economic offences in which the poor and the middle class, even the educated and professionals, were being robbed off their hard-earned savings.
Intelligence wing
“For the first time, we set up an intelligence wing in our unit in August. Officers are scanning all the newspaper advertisements, SMS messages on lucrative schemes of finance companies and multi-level marketing companies,” Mr. Philip said.
Decoys sent by the EOW officers and enquiries made by them have prevented gullible people from being looted and many such fly-by-night companies have closed down within days, he said.
Scambusters Scheme
In the Friends of Police Scambusters Scheme started by the Economic Offences Wing, where in 450 persons, including retired officials from banks and financial institutions have enrolled themselves for identifying such fraudulent companies and alert EOW.
People can alert Economic Offences Wing on such companies to the email,
eowscambuster@gmail.
comortneow@tn.gov.in.
They can also send SMS to 9840584729.
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