NBFCs cheated Bihar citizens of Rs 20.38 cr

Bihar government today said non-banking financial companies (NBFCs) have cheated Rs 20.38 crore in recent years from the people of Bihar.
It was informed by Deputy Chief Minister Sushil Kumar Modi, who holds the finance portfolio, in reply to a short notice question in the Assembly.
As per information provided by Directorate of Institutional Finance under the Department of Finance, 346 NBFCs cheated Rs 20.38 crore of citizens of Bihar in the past few years.
He said the state government initiated action against them and realised Rs 2.42 crore from 19 such companies and distributed it among 1032 people who had invested.

In reply to a question of BJP's Arun Sinha, Modi said cases of 13 NBFCs who indulged in wrongdoing in Bihar were under consideration of the Delhi High Court.
The court has sought information from the Reserve Bank of India about their directors and promoters, he added.
The Bihar Deputy CM said the government gave advertisements in newspapers to caution citizens against fly by night financial companies.