Imphal: To avoid from frauds people should have well knowledge on financial institutes before investing and depositing money, said founder and managing director of Panthoibi Housing Finance Company Limited, Thokchom Hemo Singh.
Hemo was speaking to the media on Wednesday at his office chamber located at Uripok Tourangbam Leikai, Imphal West in connection with its 17th Annual Day.
He said people should have proper knowledge on financial sector while investing their money to any financial institute by leaving the thoughts of shortcut method that could risk their money.
People of the state has been suffering with financial issues since pre-Covid pandemic and has been increasing during the pandemic, he added.
He said in private limited company the number of shareholder is limited to 200 and there is strict prohibition for accepting public deposit whereas there could be unlimited number of shareholders in a public limited company.
There are 15 group of companies in the country which accept public deposit whereas there are 80 group of companies in the country that do not accept public deposit. Among the 80 group of companies Panthoibi Housing Finance Company Limited is at serial number 20, he said.
He appealed the people not to take shortcut while making money instead should invest their money by having proper knowledge on financial sector.