Additional Director-General of Police BK Sharma on Tuesday advised management students to acquire and spread legal knowledge that would in turn help tackle financial frauds that have become rampant nowadays. Sharma who was the chief guest at ‘Moorchhana,’ the annual day celebrations of Asian School of Business Management (ASBM), said two crime-related business models are flourishing these days. Chit funds which numerous multi-level companies are operating have built a ‘cheating industry’ in the State. Giving details about how these companies operate and cheat investors, he revealed that police could not take action on these companies unless the company promoters took the extreme step of running away with the investors’ hard earned money. “Should the police wait for these multi-level companies to run away with the money or take preventive action is the main question. Many a time, the investors themselves do not want police action because they fear they might not get back their money if action is initiated against the company,” said Sharma. Another major reason for the investors disapproving police action is that a major part of the money put into these companies is black. Another business model, he pointed out, was the organised theft of two-wheelers in the city. “The complete two-wheeler theft industry is around ` 1.5 crore. One stolen two-wheeler is sold at an average price of ` 15,000,” said Sharma. The Crime Branch Chief explained that if there were a total of 150 two- wheeler thieves, only 10 landed in police custody, while 90 of them moved free and the rest 50 thieves disposed of the two-wheelers before any action could be taken. “The probability of a two-wheeler thief being caught is one out of 100,” said Sharma. ASBM Director Biswajeet Pattanayak spoke about the growth of the institute in the last six years. “We have miles to go before we sleep, so we need to keep working hard at making this institute better than before,” he said. Fakir Mohan University VC Kumar Bar Das was present.
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