NBFC branch manager held, freed

The branch manager of a leading Non-Banking Financial Company (NBFC) was was arrested for non-compliance of prohibitory orders issued for such financial institutions, police said today.
However, the branch manager of the company, which mainly deals in gold, was later released on bail.
"In order to prevent incidents of snatching, theft and cheating with customers in and around the offices of various NBFCs which are dealing in cash and gold, prohibitory orders were issued under section 144 of the CrPC on June 24.
These companies were directed to take appropriate security measures like installation of CCTV, with recording facility of 30 days and separate or continuous monitoring by staff," said Additional Commissioner of Police (West) V Ranganathan.

However, on July 2, during inspection of the branch office of a leading finance company at Community Centre, Mayapuri, it was found that CCTV cameras installed in its premises were not in working condition and there was no separate provision for continuous monitoring of the cameras, the police said.
Finding it to be a violation of the prohibitory orders, a case was registered at Mayapuri police station against the company and its branch manager was arrested. He was subsequently released on bail, the police said.