Financial matters in many cases have found to be in fraud. The main reason behind this is the voracity of the loan providing officers. The problem from the beginning has been an epidemic one. But right now it has been found that it has grown out of the circle. There are many several steps taken by the Government and other financial institutions to prevent the working of the fraud loan officers.
The formation of special teams
A special investigation team has been in action to prevent an ordinary man from getting fraud by these white collar people. The research team has been provided with the order to take all the papers and official documents for a first checking. This particular verification is needed to check the accuracy of the organization or the people involved in the provision of a loan. An ordinary person requires a lump sum amount to buy a house. This house is the asset for the whole life of the people. Some people need an advance from a money lender to build a home. In many cases, the result found is that of cheating. The money lenders usually cheat those everyday people by providing an enormous amount of interest on the principal money.
As a result, the asset deposited for taking the loan goes missing with the tremendous burden that has been made to pay throughout life. The house also remains in the dream. To prevent this type of problem the investigation team is doing their work round the clock. In many cases, it has also been found that many banks are involved in this type of fraud case. The banks are mainly the loan banks. They used to operate in the rural areas. Rural area people are less aware of the market condition. They need an amount to build their home. The loan providing banks makes the use of those loopholes.
They mainly present themselves as investment providing officer from the bank. A person who is not the people of that area has been referred to as the guy who gives information. After that, some meetings are held with the population of that rural area. The dishonest people then provide hard money to those people.
The money is provided against some valuable things that those people take as a means of guarantee. The rural person does not have an idea of the present market value of loans. In this way, they cheat those people. There is also no guarantee of the rate that is going to be paid after the completion of the work.