Srinagar: Chief Secretary Atal Dulloo on Wednesday called for a coordinated and technology-driven strategy to combat cyber-enabled financial frauds and other unregulated financial activities in Jammu and Kashmir.
Chairing the 37th Union Territory Level Coordination Committee (UTLCC) meeting convened by the Reserve Bank of India (RBI), Dulloo urged regulatory bodies, including the Securities and Exchange Board of India (SEBI), National Stock Exchange (NSE) and the Institute of Chartered Accountants of India (ICAI), to organise large-scale capacity-building programmes for investigation and prosecution officers.
According to an official statement, the Chief Secretary also called for financial awareness and training programmes targeting around 50,000 participants by SEBI and NSE, while ICAI was asked to train nearly 20,000 stakeholders, including teachers, students, self-help group members, law enforcement personnel and prosecution officers.
Dulloo directed the Finance Department to expedite the framing of Chit Fund Rules to strengthen regulation against unauthorised deposit-taking and fraudulent investment schemes. He also called for preparation of a comprehensive standard operating procedure (SOP) in consultation with the Home Department to improve coordination among enforcement agencies.
Expressing concern over evolving cyber crimes, the Chief Secretary stressed stronger action against cryptocurrency-related frauds, phishing scams and other online financial offences. He also advocated stringent legal measures against offenders, including attachment of properties and cancellation of driving licences, passports and vehicle registration certificates, wherever permissible under law.
Regional Director, RBI Jammu, Chandra Shekhar Azad, briefed the meeting on the central bank’s fraud prevention initiatives, including the Financial Fraud Risk Adapter, the Artificial Intelligence-based Mule Hunter tool, mandatory adoption of the “bank.in” domain by banks, standardised customer awareness phone numbers and card tokenisation for secure online transactions.
He also informed the meeting that RBI had organised more than 113 financial awareness programmes across Jammu and Kashmir for government employees, students, traders, businesses and the general public.
The meeting was attended by Additional Chief Secretary, Finance, Principal Secretary, Home Department, senior RBI officials, representatives of SEBI, ICAI and other departments.
