Several financial management firms are into money circulation business in the state without RBI's nod, sources said. There is no official record about such companies."A non-banking financial company (NBFC) must be registered with the RBI and have specific authorization to accept deposits from the public. Not a single NBFC has been authorized by the RBI in Odisha to collect deposits," said a RBI officer."Even the Saradha Group was not registered with the RBI here," the officer said. The RBI has given permission to 17 NBFCs to do business only in terms of loans, investments and asset finance (a company conducting the business of equipment leasing or hire purchase finance), sources said.Cheating of investors by unscrupulous companies takes many forms, such as 'vanishing' after raising money through public offers; illegal collection of deposits in violation of Section 58A of the Companies Act, 1956; floating sham 'Collective Investment Schemes (CIS)' in violation of SEBI Act; collecting money from public by posing as NBFCs in violation of the RBI Act; and resorting to money circulation schemes under the Prize Chits and Money Circulation Schemes (Banning) Act, 1978.While Bollywood actor-cum-director Naseer Khan allegedly duping investors of crores of rupees blew the lid off the chit fund trade in Balasore in 2009, the recent crackdowns on dubious money circulation companies exposed the non-banking businesses thriving in Odisha.The Crime Branch has registered cheating and money laundering cases against nearly 60 NBFCs, including Seashore Company, Sai Pragati Assets and Properties Limited, Safex Infra India Limited and Ashore Group, in the last two years. "We appeal to people not to getlured by false promises of such fraudulent companies," additional director-general (Crime Branch) B K Sharma said.
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