Even advertising unregulated deposit schemes made unlawful; CBI armed to arrest violators
The Cabinet on Wednesday approved amendments to the Banning of Unregulated Deposit Schemes Bill, 2018, and empowered the CBI to take action against violators. The amendments include ban on their advertisements.
Addressing the media, Law Minister Ravi Shankar Prasad said these comprehensive amendments would strengthen the enforcement agency and help people who are cheated by Ponzi schemes. The amendment to the Banning of Unregulated Deposits Schemes Bill 2018 is expected to be tabled in Parliament soon.
The Bill enables creation of an online Central data base for collection and sharing of information of deposit taking activities in the country. The CBI will be nodal agency to initiate action against the violators. The Minister justified making the CBI the nodal agency and said many Ponzi schemes are operating in several States and the State police could not coordinate effectively.
The Bill also added provisions to fix the cheaters who put advertisements in newspapers to fool the people. “They will be arrested immediately if they put advertisements to fool people,” said Prasad. The Bill also makes provisions to retrieve the deposits, attachment of fraudsters’ property, and imprisonment.
To a volley of questions regarding the timing of the amendments and Saradha scam cases, Prasad said criminal laws can’t be enforced on old cases.
Union Cabinet chaired by Prime Minister Narendra Modi also approved the proposal for establishment of Rashtriya Kamdhenu Aayog for conservation, protection and development of cows and their progeny. The setting up of Rashtriya Kamdhenu Aayog will lead to conservation, protection and development of cattle population in the country.
“It will result in increased growth of livestock sector which is more inclusive, benefitting women, and small and marginal farmers. The Rashtriya Kamdhenu Aayog will work in collaboration with veterinary, animal sciences or agriculture university or departments or organisations of the Central/State Government engaged in the task of research in the field of breeding and rearing of cow, organic manure, biogas, etc,” said the statement.