Leh, July, 01, 2024: The Advisor to the Hon’ble Lieutenant Governor of UT of Ladakh, and the Chairman of the Union Territory level Coordination Committee, Dr. Pawan Kotwal, presided over the 3rd meeting of the Union Territory Level Coordination Committee (UTLCC) at the Civil Secretariat Leh.

The meeting was convened by Shri. Chandrashekhar Azad, Regional Director for the UT of J&K and Ladakh, Reserve Bank of India (RBI). While extending his welcome to Advisor Ladakh, he threw light on the potential fraud risks posed by unauthorized entities. He highlighted the rising frauds through unauthorized digital lending apps.

The Advisor emphasised that effective awareness should be raised to protect the public from such fraudulent activities. The chairman praised the collaborative endeavours of RBI for creating effective financial awareness and called upon collaboration between the UT Administration and financial sector regulators to raise public awareness to sabotage the ill designs of fraudsters and protect the public from these frauds.

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During the meeting, discussions and deliberations were held on growing frauds in the financial sector, and various counter measures to mitigate them. RBI and SEBI presented detailed case studies showcasing prevalent financial frauds such as digital arrests wherein fraudsters impersonate law enforcement officials, Various Chit Fund Scams after luring the public on the pretext of hefty returns for investing money and gold with them, etc.

The meeting was attended by Dr. S. D Singh, ADGP, UT of Ladakh; Shri Ram Sarup, Deputy General Manager, RBI, Jammu; Shri B.K Gupta Deputy General SEBI, New Delhi; Dr. Safdar Ali, Additional Secretary, Finance Department among other officials.