Economic Offences Wing



 

FOP SCAM BUSTER

               Formation and Launching of FOP Scam Buster Scheme by  Dr. Prateep V. Philip, IPS., Additional Director General of Police, Economic Offences Wing  to safeguard the hard earned savings of thousands of ordinary citizens. 

 

                  It is the determination of EOW that there should be zero tolerance of attempts to defraud the public of their hard/earned savings. Gullible depositors are however often lured by the extravagant claims of returns promised by such fly by night scamsters. FOP scambuster is a concept aimed at cracking the whip on fake non banking financial institutions with the support of friends of police, representatives of financial establishments namely retired bank officers, insurance companies, volunteers from colleges (both teaching faculty and students) and other respectful general public. It is to mention that in the existing situation of scams and scandals which has become the order of the day, where news of this kind have hit the front pages of news papers,  the concept of FOP Scambuster plays a pivotal role.

   2) Conceptualization of concept and scheme: The concept was conceived  to prevent the commission of economic frauds which involves cheating of crores of money deposited by the public. The need of the hour is proactive policing. The Police now at present should be proactive rather than reactive. This concept has been conceived with the motive to bring down the levels of the commission of crime, in particular, the economic offences and to infuse a sense of confidence amongst the victims and the general public. The image of the police can be improved only by proactive approach. For this purpose, intelligence as well as information regarding money cheating techniques and novel methods of inviting public to invest for easy money making which is the order of the day, should be collated and disseminated to create awareness among the public so as to avert the public against such frauds, and to deter all scambusters and fraudsters out to get rich quick.

3) FOP Scambuster Committee:  The Committees of “FOP SCAMBUSTER” will be headed by DSsP, Inspectors of Police and Sub-Inspectors of Police of EOW at their jurisdictional level. The committee would comprise of respected citizens of the locality and Depositors association members. These committee members with the indomitable urge to serve the community for a social cause should be the requisite qualification to become a member and only such committed members should be enrolled.  

    (ii) Basically, the FOP Scambuster is individual based ‘intelligence unit’ oriented towards collecting intelligence regarding financial establishment functioning and investments techniques that are likely in the course of time to cheat the public and ultimately to fraud the gullible victims.

     (iii) Initially, the committee may be formed in every district with the minimum of 50 members with the principle of representation of equitable distribution, i.e. members shall be drawn giving representation to every  taluk/sub divisional level spreading over the districts. Care should be taken in enrolling members so as not to give room to anti-social elements making it a convenient forum to mask their identity. The antecedents of the committee members should be verified and ensure there is no controversy or adverse reports. Thereafter, the committee members strength may also be increased as per the requirements of the districts. 

    (iv) The Role of the Committee: The committee has a moral responsibility to sense the happenings related to economic offences wing like fake non banking financial institutions soliciting public to deposit promising a higher rate of returns. This committee, in turn, will update the headquarters for further action, thus strengthening the adage “prevention is better than cure” 

 4) The Committee would be entrusted with the following activities and functions:  

  • The first and foremost responsibility of the FOP Scambuster would be collecting intelligence relating to the Non Banking Financial Companies and other financial institutions and their strategies.

  • The police level officers should verify the functioning and the mode of payment, their resources and the purpose for which such activities are conducted.

  • Further, the property details and any other probable diversion of the collected deposits to be verified.

  • The complete details of such Financial Institutions, their Directors, managers and other details to be collected.

  • The second most important   responsibility of the FOP Scambuster is to educate the public about such activities.  

  • Creation of awareness and sensitizing the public to such cheating techniques by means of pamphlets, brochures, and booklets.

  •  Seminars, workshops for the public may be conducted to educate them against such cheating techniques.

  • An interactive session with the Directors and Partners of Financial Establishments may also be undertaken to have an understanding about their activities, their modus operandi, purpose of the FIs and their investors particulars.

  • Meetings with the RBI, ROC and such related organisations may be held. They can scan open source intelligence like news reports, advertisements by individuals, SMS, e-mail advertisement, websites announcing very lucrative returns of deposits.

5)  The committee will meet once in fifteen days to share and discuss about the details collected and the plan of action for the forthcoming fortnight.  This committee would review the previous period activities and improve their performance for the future.

6)  A register would be maintained about the activities and the comments of the public and the same would be intimated to the Headquarters.

7)  In general, the committee is viewed as an entity, and the focus is on the organization as a set of tasks or actions and no single individual can claim credit for the credit worthy task achieved by the efforts of the committee.

8)  From an Economic Offences Wing perspective, an organization is viewed as a purposeful structure within a social context.

9)  The police are the guardians of social order and property of citizens. Hence, this preventive and proactive role forms a vital part of the mandate of the EOW hereafter.

10)  Information related to Economic offences can be mailed to    eowscambuster@gmail.com or tneow@tn.gov.in or can be reached either by call  (or) sms to  98405 84729 and EOW control  phone number  at 044-26220332. The website url is tneow.gov.in

11) Social media network like Twitter and Face book are also channels of communication by which the scambusters of the State and each globally can access. The user name is “eow scambuster”.