CPI(M) state secretary and MLA Jitendra Chaudhury in a letter to the Chief Minister urges to conduct a thorough investigation over mushrooming Non-Banking Financial Corporation (NBFC) operating in the state to protect the people of the state from the onslaughts of the racket of deceivers.

Chaudhury in a letter to the Chief Minister Dr Manik Saha on Monday  highlighted the serious fraudulent activities of a micro finance company namely “DL & Bharat Finance and Utility Services” operating from Nimberk area of Badharghat.

Chaudhury in his letter giving forged documents of the micro finance company and without any authorization from competent authority said that “DL & Bharat Finance and Utility Services” appears that it provides loans to the women and others on mortgage of property at a very high rate of interest about 38.66 % per annum. “It is reported that the borrowers with soft security guarantee are being inhumanly harassed and in many places physically assaulted by the representatives of the company for recovery of installment. Also there are complaints that the company has collected cores of money from the loan aspirants, particularly the unemployed youth by alluring them for collateral free term loans,” said Chaudhury in his letter.

Chaudhury in his letter mentioned that the owner of the land, where the office of “DL & Bharat Finance and Utility Services” is houses on rental basis, in a letter to the company has given an ultimatum to vacate the house citing three reasons and one and most vital reason was activities by the organization involving monetary fraud and illegal acquisition resulting in endangering human livelihood.

He alleged that the company has been operating its exploitative business throughout the state and hundreds of borrowers are apprehending to lose their property secured for getting loans. “As most of the leading organizers of this company belong to ruling BJP, hence no administrative authority including the police do dare to intervene in their fraudulent activities and excesses committed on the common people,” said Chaudhury.

He also alleged that due to the lenient attitude of the government and lack of supervision on the operation of the non-banking finance companies, it is most likely that several such fraud organizations are in operation to exploit the people taking advantage of their financial hardness.

Chaudhury requested the Chief Minister to conduct an immediate investigation in all the NBFCs operating in the state to protect the greater interest of the state's poor people.