Money chain: Panel to frame guidelines

THIRUVANANTHAPURAM: With ‘money chain’ fraudsters abounding in the state, the Cabinet on Wednesday appointed a committee headed by the Chief Secretary to frame clear guidelines for financial institutions in the unorganised sector.  The committee will submit its report within a week, Chief Minister Oommen Chandy told a post-Cabinet briefing here. The spurt in ‘Money Chain’ frauds has also given rise to complaints that legitimate businesses were suffering, Oommen Chandy said.  ‘The government will take stringent action against fraudsters. But we have also received several petitions saying legitimate businesses have been affected,’’ Chandy said. The committee has as its members Additional Chief Secretaries for Home and Industries and Commerce; Law secretary, Advocate General and the DGP.