84 firms involved in 8 ponzi scheme cases in 3 years: Centre in Parliament

Published on Apr 05, 2022 05:58 PM IST

The Centre said that various programmes and campaigns have been run by the government to sensitise people about various fraudulent and Ponzi Schemes.

Eight cases involving 84 companies have been assigned to the Serious Fraud Investigation Office (SFIO) during the last three years, minister of state of corporate affairs, Rao Inderjit Singh, said in the Rajya Sabha on Tuesday. (Representational Image)
Eight cases involving 84 companies have been assigned to the Serious Fraud Investigation Office (SFIO) during the last three years, minister of state of corporate affairs, Rao Inderjit Singh, said in the Rajya Sabha on Tuesday. (Representational Image)

NEW DELHI: Over the last three years, eight cases involving 84 companies have been assigned to the Serious Fraud Investigation Office (SPIO) that inspects ponzi schemes/multi-level marketing/chit fund activities, minister of state of corporate affairs Rao Inderjit Singh said in the Rajya Sabha on Tuesday.

Responding to Bharatiya Janata Party (BJP) MP Mahesh Poddar’s query, Singh said, “Although the term “Ponzi Schemes” is not defined under the Companies Act, 2013, Ministry of Corporate Affairs (MCA) has ordered and assigned investigation into the affairs of the numbers of companies which are allegedly involved in Ponzi/Multi-Level Marketing/Chit Fund Activities.”

“During the last three years, eight cases involving 84 companies have been assigned to Serious Fraud Investigation Office (SFIO),” he added.

MoS Singh also listed initiatives and measures taken by MCA. Under the Companies Act, 2013, there is an Investors Education and Fund Protection program that collaborates with Partner Institutes and organises Investor Awareness Programmes across India. “The primary focus of these programmes is to make the participants aware of Do’s and Don’ts while making any Investment and to sensitize them about various fraudulent and Ponzi Schemes,” he added.

Providing data on the number of programs conducted by the ministry, Singh said, over 62,678 such programs have been conducted in 604 districts of 30 States and Union Territories. Under these, over 29 lakh citizens have been engaged. He added that various campaigns are also run by public broadcasters, including Doordarshan and All India Radio, that create awareness through scroll messages, jingles, talk shows etc.

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