All agencies geared to curb illegal fund-raising: Pilot

Kolkata, March 23 (IANS) Underlining that the government is moving to take strong action against illegal raising of funds from public in the name of chit funds or otherwise, Corporate Affairs Minister Sachin Pilot Saturday said all investigating agencies have been geared up to prevent depositors from being duped.

“All agencies have been geared to prevent white collar crimes,” Pilot told reporters on the sidelines of a programme organised by the Institute of Company Secretaries Of India-Eastern India Regional Council (ICSI-EIRC) here.
According to him, the Serious Fraud Investigation Office (SFIO), under the ministry, was developing an early warning system for detection of corporate and financial irregularities and frauds.
On states’ role to check proliferation of the chit funds, which have reportedly flourished by flouting rules, the minister said: “If any cooperation is required by the state government, the centre would go more than half way.”
The corporate affairs ministry has also planned to tie up with Google, IndiaPost and BSNL for spreading information about securities investments, Pilot said.
The tie-ups would bridge the knowledge gap regarding securitised instruments and the investment regulations, he added.