March 28, 2025 10:07 am (IST)
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Action will be taken against ponzi scheme offenders: Arun Jaitley informs RS
New Delhi, May 3 (IBNS): Arun Jaitley, Minister of Corporate Affairs, on Tuesday made it clear to the Rajya Sabha that the government is committed to tackle the menace of unregulated ponzi deposit-taking schemes and take action against the offenders.
He informed that the Ministry of Corporate Affairs has ordered investigations through Serious Fraud Investigation Office (SFIO) under Section 235 of the Companies Act, 1956 and Section 212 of the Companies Act, 2013 into the affairs of 187 companies (as on 13-04-2016) against whom complaints had been received regarding alleged collection of funds through MLM/ Ponzi activities from the people in different States of the country.
According to Jaitley, the government has taken a number of measures to check such cases of deposit taking activities and protect interests of the investors.
In West Bengal, the multi-crore scam by Saradha ponzi scheme left lakhs of depositors fleeced and triggered a political uproar.
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