On Tuesday, Maharashtra Chief Minister Devendra Fadnavis assured members of the state legislative assembly that existing rules will be amended to curb the growing menace of financial frauds
Maharashtra Chief Minister Devendra Fadnavis. File Pic
The Maharashtra government will amend its rules to ensure maximum imprisonment and fines for those involved in crimes or Ponzi schemes that promise extremely high and unnatural returns on investments.
On Tuesday, Maharashtra Chief Minister Devendra Fadnavis assured members of the state legislative assembly that existing rules will be amended to curb the growing menace of financial frauds.
During the Question Hour session, BJP legislator Sudhir Mungantiwar pointed out that such frauds are increasing because the current penalty imposed on offenders is just one lakh rupees, and imprisonment is limited to six years. Suggesting that the government should introduce a "Dan Suraksha Bill" (Money Safety Bill) on the lines of the recently passed Jan Suraksha Bill (Public Safety Act), Mungantiwar demanded an increase in both imprisonment terms and fines. “The imprisonment should be increased to 20 years, instead of the existing 6-year provision in the law,” he said.
Responding to the demand, Fadnavis—who also heads the Home Department—stated that any punishment should be proportionate to the seriousness of the crime. “To ensure the maximum possible punishment in such cases, the government will amend the rules,” Fadnavis added.
Earlier, during the discussion, several members alleged that multiple frauds had taken place and that there was a delay in recovery—nearly a nine-month process involving the identification and liquidation of properties linked to investments made by citizens. Minister of State for Home Yogesh Kadam admitted that the recovery process is indeed time-consuming. “It is true that the recovery process takes nearly nine months, as it involves identifying properties, their valuation, and eventual liquidation,” Kadam said. The minister further informed that a Financial Intelligence Unit (FIU) has been set up to monitor schemes offering unnatural interest rates to attract investors. “The FIU helps prevent crimes before frauds actually take place,” Kadam told the legislative assembly.
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