Garhwal Post Bureau
Dehradun, 9 Sep: Taking a serious note of rising complaints of loan and loan insurance fraud in the district, District Magistrate Ashish Chauhan has directed a Special Investigation Team (SIT) inquiry and strict action against those found guilty. Chairing a meeting with representatives of NBFCs and HFCs, the District Magistrate reviewed the loan distribution processes, the role of agents, the recovery mechanisms and the nature of fraud complaints. He warned that exploiting people’s financial needs through fraudulent loans, forged documents or agent-driven deceit will invite stringent punishment and that such cases will not be ignored at any level.
To ensure effective monitoring, the DM instructed the Lead Bank Manager to form a committee with the representatives of departments concerned and the institutions to regularly review suspicious loan cases and agent activities. He asserted that monthly review meetings will be held and also sought a detailed action plan in this regard. He further stated that serious and doubtful cases will be investigated by the SIT, and if involvement of any bank, financial institution, agent or person is established, strict legal action will follow. He highlighted irregularities where loans were sanctioned through agents without proper assessment of the repayment capacity, warning that managers and responsible officials of institutions will also face consequences if found complicit.
All NBFCs and HFCs were directed by Chauhan to submit detailed lists of loans disbursed and pending recoveries for scrutiny. SDMs were directed to form task forces in their respective areas, prepare lists of the operating NBFCs, HFCs, moneylenders and the agents, and identify suspicious networks. The Chauhan further stressed that breaking the nexus of fraudulent agents and fake agencies is essential to protect the public from exploitation. He also instructed the Reserve Bank of India’s representative to share information on dubious agencies and ensure exchange of necessary data. Reaffirming the administration’s commitment to safeguard public interest, he said no offender in financial fraud will be spared.
Chief Development Officer Abhinav Shah, SDM Headquarters Ravindra Jwantha, Lead Bank Manager Rajiv Bhatia, RBI representative Bharat Kumar and officials of various NBFCs and HFCs were among those present at the meeting.
