Southern States - Tamil Nadu-Chennai

Manager, cashier of finance firm held

By Our Special Correspondent

CHENNAI June 21. The manager and cashier of a non-banking financial establishment, which illegally collected fixed deposits, have been arrested by the Economic Offences Wing-II, CID.

Lavanyan, manager, and Muralidharan, cashier of ``Endowment Product of India'' on Anna Salai, were arrested on a specific complaint. The police received information that the firm not only collected fixed deposits from the public clandestinely but also intimidated depositors of dire consequences when they demanded RBI authorisation and refund of the money, a release from the special unit said. Though 11 lakh depositors had been cheated by unscrupulous financial institutions to the tune of Rs.1,750 crores in Chennai alone, the public continued to invest money in such institutions without enquiries. The public could browse the RBI web site, which lists the unauthorised NBF establishments and also www.eow2.com to know the progress of the cases registered.

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