29 persons arrested in cases related to Ponzi schemes since 2019: Centre to LS

The Central Bureau of Investigation (CBI) arrested 21 persons and registered 100 cases related to Ponzi schemes since 2019, the union ministry of finance told Lok Sabha on Monday

Published on: Aug 9, 2022, 10:28:01 IST

By Snehashish Roy

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The Central Bureau of Investigation (CBI) arrested 21 persons and registered 100 cases related to Ponzi schemes since 2019, the union ministry of finance told Lok Sabha on Monday.

The ministry has taken several steps to tackle such illegal schemes. (File image)

The Enforcement Directorate also arrested eight persons under the Prevention of Money Laundering Act, 2002 (PMLA) in the last three years.

“CBI has registered 100 cases relating to Ponzi schemes from 2019 to 2022 (upto 30.06.2022), involving 132 companies/ firms. CBI has arrested 21 persons in this regard. ED has investigated 87 cases related to Ponzi Schemes under the Prevention of Money Laundering Act, 2002 (PMLA),” the union minister of state for finance Bhagwat Karad said.

Also Read: Bengaluru Crime Branch busts cryptocurrency Ponzi scheme, 4 held

Karad was responding to questions asked by BJP MPs Raja Amareshwara Naik, Bhola Singh, Sukanta Majumdar, Vinod Kumar Sonkar and Rajveer Singh on steps taken by the government to put a check on Ponzi schemes.

The union corporate affairs ministry has assigned the Serious Fraud Investigation Office (SFIO) to investigate nine cases involving 85 companies in relation to fraudulent chit funds, multi-level marketing and Ponzi schemes.

“The Sachet portal of RBI, which is the online platform for State Level Coordination Committees (SLCC) and facilitates the public to lodge complaints of financial frauds, received 1540 complaints related to non-repayment of deposits and money collected for various kinds of Investment Schemes (964 in 2020-21, and 576 in 2021-22),” the ministry said.

The ministry has also pointed out several steps taken to tackle such illegal schemes including the Banning of Unregulated Deposit Schemes Act, 2019, Protection of Interest of Depositors Acts by 29 state and union territories, reconstituting State Level Coordination Committees among others.

ABOUT THE AUTHOR
Snehashish Roy
Snehashish is a content producer at Hindustan Times. A driven journalist with hands-on experience in print, digital and broadcast. A Jadavpur University alumnus who believes everything is come-at-able.Read More

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