Cops get lessons in probing market fraud

According to Sanjay Saxena,additional commissioner of police (EOW),the workshop was helpful in understanding the scope of crimes committed by Non Banking Financial Companies (NBFC).

“One of the advantages of having such a workshop is that it equips a local police station officer to solve these crimes with same proficiency as other physical crimes.” Saxena added that the number of complaints filed across police stations against NBFCs has been on the rise.

“We needed to understand them better as they are essentially financial companies which are not registered with RBI or any other regulator. This workshop has helped officers at EOW and police stations to understand the scope of such frauds better.”

While,EOW officers have had trainings in select subjects like stock market and dabba -trading,this initiative was first-of-the kind involving a greater number of officers.

Pratap Bhosale (43),a MCom post graduate and an assistant police inspector from Ghatkopar police station said,apart from interaction with senior officials of RBI,NDSL and NSE,the workshop also helped them understand the role of the regulator in securities scam and how the police could assist in securities probe. “It also helped us understand the guidelines in which the companies have to operate,failing which it can lead to a situation where frauds can be easily committed,” Bhosale said adding,“We had special discussion on money laundering and frauds in demat transactions.”  

“We intend to introduce a refresher and an advanced training in the next three months,” said Sivanandhan.

He added,“There will be a proper evaluative system with many case studies discussed in the future. The level of participation from both ends will also increase with more industry experts assisting the training sessions in financial crime.”