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STATE LEVEL CO-ORDINATION COMMITTEE ON NBFCS HOLD MEET
                                             Panaji, January 15, 2019
                                             Pausa 25 , 1940

      At the 16th meeting of the State Level Co-ordination Committee on Non-Banking Financial Companies (NBFCs) and Unincorporated Bodies (UIBs) for the State of Goa which was held recently at the Secretariat, the names of dubious companies whose operations were under the scrutiny of the authorities came up for discussion. Among those were that of Heera Gold Exim Limited and group companies whose modus operandi is that the company's schemes are presented to members of the public by presenting it to be compliant with Islamic principles of Sharia (non-interest income). It was informed that initial investigations by authorities have revealed that the company has formulated several schemes and are collecting deposits from investors promising enviable returns per month and per year.
      Another company's name that figured at the meeting was Flying Birds Venture Limited. It was informed that the company is not registered with RBI as NBFC and that the company is allegedly collecting money from the public by promising them huge returns and that old members are paid from the deposits taken from new members.
      At the meeting, members were informed about the modus operandi of yet another company-Vihaan Selling Pvt. Ltd (Qnet) where it was informed that the company is allegedly collecting money from the public in the name of self-started business of e-commerce. It was further informed that the company in the name of network marketing business takes money by promising financial freedom and a life changing career.


DI/NB/NSN/PN/CR/2019/1244

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