Mumbai: The Reserve Bank of India Tuesday advised Non-banking Financial Companies (NBFCs) to exercise due caution while handling bank guarantee cases.
The warning notice has come in the wake up instances of fraud noticed in the recent past.
"NBFCs have been advised to be cautious during dealing with firms namely SFT Exports, Sumsh Infrastructure, Tulip and Co and Alka Hotel," RBI said in a statement.
"Persons namely Shukum Patel, Shantanu Das, Subhendu Chowdhury and Akash Mitra were the representatives of the beneficiary in those banks guarantee fraud cases," it said.
"Green Apple Infracom and J P Enterprise were the applicants in those cases and should be carefully dealt with in future instances," it said.
First Published: Tuesday, September 27, 2011, 22:54