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'Economic offenders choose vulnerable targets looking to make a quick buck'
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SME Times News Bureau | 24 Nov, 2020
From Housing scheme frauds to ponzi scheme frauds , white collar crime
has been evolving new modus operandi to dupe people across the country.
This amplifies the role of Economic Offences Wing of the Delhi Police to
identify and arrest the accused after going through the digital
footprints of fraudsters. In an exclusive interview with IANS Special
Correspondent Zafar Abbas, Joint Commissioner of Police EOW O.P. Mishra
elaborates on the new modus operandi of the criminals and precautions
one can take to shield oneself from financial fraud.
In the
present scenario, do you think the role of the EOW has enhanced manifold
as more and more people are falling to the tricks of fraudsters and
losing money as white collar crimes rise?
O.P. Mishra: Yes, the role of
Economic Offences Wing has enhanced manifold. Economic offences are of
different kinds. Offenders choose individual as well as collective
victims. They accordingly adopt different methodologies and tricks to
attract victims in their net.
From ponzi schemes to land pooling frauds, what are the recent modus operandi of the fraudsters to dupe people?
O.P. Mishra: Land pooling has recently emerged as a fraud in which innocent
investors were motivated to invest in various housing schemes such as
under the proposed land pooling policy of the DDA. The ground reality is
that, DDA has yet not formally announced or finalised the comprehensive
land pooling policy for different areas of Delhi. In anticipation of
the scheme, many societies were formed by unscrupulous persons
motivating people to invest. These societies are not in possession of
any land duly approved by the DDA or the Real Estate Regulatory
Authority (RERA). We have registered more than 19 cases against various
fake societies. Similarly, ponzi scheme is a lucrative financial scheme
floated by unauthorised people with a promise of very high returns on
investment. Ponzi schemes operate under various guises. The EOW has
recently arrested several people in various ponzi scheme cases.
Do you think the EOW is well-equipped to handle the influx of white
collar Crime cases or there is need for upgrade regarding manpower and
other facilities?
O.P. Mishra: Yes, the Economic Offences Wing, Delhi
Police is well-equipped to handle the influx of white collar crime
cases. The professional skills of the Investigating Officers are
constantly upgraded through internal refresher courses and specific
crime-based interaction with known experts in that field. Investigating
Officers have acquired required professional skills for handling
specific nature of cases. The unit has also been able to equip itself
technologically over a period of time. Various other technological
initiatives are under various stages of implementation.
How easy or how difficult is the recovery of money in crimes involving crores of rupees after the accused is arrested?
O.P. Mishra: The investigation of economic offences is heavily document-based. It
requires lot of scrutiny and verification of documents related to the
nature of offence committed. As per our investigative protocol, the bank
accounts of alleged persons are immediately frozen after registration
of the case. However, recoveries in various crimes take place through a
legal protocol on the orders of the competent court. In a recent case of
housing fraud, the builder was forced to return the money of various
investors by the order of the court immediately after arrest.
What advice would you give to the general public so that they don't get trapped by the schemes of fraudsters?
O.P. Mishra: Every crime takes place because of certain lapses on the part of the
victims. This is very much true for economic offences. Economic
offenders choose vulnerable targets who are looking to make quick money
in a very short span. I would like to advise people to invest in housing
schemes after proper verification of the site, credentials of the
company and due permission from the competent authority. Similarly,
people should not get tempted to invest simply on the basis of lucrative
and false incentives offered by the various companies without proper
verification. Several unauthorised non-banking financial companies are
operating. Investors have to be careful. A little bit of care and
scrutiny at the initial stage by the investor can save him/her from
becoming a victim of economic offence at later stage.
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