Chargesheet filed against 9 of 3 NBFCs

Jammu, Oct 8 (UNI) Jammu and Kashmir police has produced chargesheet against nine persons of three different agro based Non Banking Finance Companies (NBFCs) who illegally floated crores of public money.

On court's instruction the crime branch siezed and freezed the properties of accused.

A press release, issued by crime branch, said the NBFCs were opened after violating the rules and regulations and guidelines of Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI).

A case was registered as the allegations were clear that even after the date of maturity, the depositors did not receive a single penny in 2001, the release said.

The accused cheated people with their alluring schemes to attract the depositors under collective investment schemes with high rate of interest and prompt return, the release added.

UNI HGV SI VV1423