June 11: Consumer activists urged strong public opinion against scam, including CRB, to save investment by ordinary people.

Addressing a public meeting on `Problems of depositors' today former sheriff Nana Chudasama said, ``What we need is not the various senas but a consumer sena to become vocal. People should become vocal not only when it hurts them but also when it hurts the neighbour.''

Chudasama asked people never to get swayed by savvy and rosy promises of higher returns. ``The reason for the large number of scams in our country is the tremendous ignorance among people,'' he stated and cautioned against teak farm projects which he said are next scams in the making.

Announcing his action plan, Chudasama said that investors should demand for a cancellation of the CRBMB auditor's licence, probe into the State Bank's role besides demanding resignation by the union finance minister.

The meeting was organised by Mumbai Grahak Panchayat (MGP) in association with All India Bank Depositors' Association (AIBDA) and Common Man's Forum. Gangadhar Gadgil, president, MGP, said that with investors being legally regarded as consumers, it is for them fight their own battles and assert their rights. ``Investors have to be more alert as there will be more CRBs in the future,'' he added. He further charged that SEBI has ``miserably failed in its duties and that the SEBI Act is inadequate to meet the challenges thrown up by defaulters.'' M R Pai of AIBDA advised depositors to stay away from banks which had politicians on its board of directors.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.