Around 200 entities having operations in West Bengal and have been collecting deposits in an unauthorised manner are under the scanner of the Reserve Bank of India.
The regulator is currently handling 200 cases cumulatively to follow, RBI officials said.
"Some entities are placing advertisements in newspapers offering cheap unsecured loans without proper KYC documentation. They also claim to be registered entities with the RBI. It has been observed through various market intelligence inputs that most of these companies are fraudulent," RBI Regional Director Rekha Warriar said.
"To fight against fraudulent entities, state level coordination committee meetings are organised regularly. A sub-group comprising of officials from regulators of financial markets and state level law enforcing agencies have been reviewing market intelligence inputs every month. About 200 entities are under observation," she said.
RBI Chief General Manager (Department of Non-Banking Supervision) G N Rath urged media houses to be vigilant and carry out due diligence before taking advertisements in which people get trapped.
The RBI has been able to stop an entity - DICICI Bank of India - offering jobs by taking deposits.
The regulator has launched a website - 'Sanchet' for awareness among the public, but still do not have any toll free number to lodge complaints.
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