Economic Offences Wing



 

Interactive Voice Response System (IVRS)

In recent years, more number of complaints is reported against Non-banking Financial Companies (NBFC) all over India. NBFCs with intent to cheat the public attract depositors by announcing exorbitant rate of interests and other lucrative schemes. However in due course of time, after collecting deposits they fail to return the deposits and fulfill the scheme as promised. It is mandatory for the NBFCs to obtain RBI license for collection of deposits from general public. But the recent trend is that more number of NBFCs is collecting deposits under various schemes without the license of RBI.

As a proactive measure to prevent such frauds, the Economic Offences Wing of Tamil Nadu Police has formed Intelligence unit termed FOP EOW Scam busters and collects intelligence about such suspicious NBFCs functioning in Tamil Nadu. It has also created a forum through telephone called Interactive Voice Response System (IVRS) with the help of IIT, Madras by which public/depositors can access the system through a telephone number. On furnishing the name of an NBFC they will be informed by return SMS whether the company is licensed by RBI or any criminal case was registered against the company and other details.

It is only an advisory service from EOW for cautioning the public/depositors towards their investments/deposits. EOW disclaims any legal or other responsibility for the information provided by this system, or the discussions taken on this basis.

The EOW IVRS will come into service from 25.02.2014 and the public can use this service through the telephone No.044-64500155

This people friendly tech savvy initiative is being introduced for the first time globally and no such facility is available in any Economic Offences Wing or in any Financial Institution of this country. Any national level financial ombudsman is interested in extending it to all state, EOW Tamil Nadu will welcome the initiative and cooperate.

All potential financial investors in the state of Tamil Nadu are requested to avail of this service to protect their savings and investments.