84 firms involved in 8 ponzi scheme cases in 3 years: Centre in Parliament | Latest News India - Hindustan Times
close_game
close_game

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

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.

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.

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)

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.”

Hindustan Times - your fastest source for breaking news! Read now.

“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.

Unveiling Elections 2024: The Big Picture', a fresh segment in HT's talk show 'The Interview with Kumkum Chadha', where leaders across the political spectrum discuss the upcoming general elections. Watch now!

Get Current Updates on India News, Election 2024, Mukhtar Ansari Death News Live, Bihar Board 10th Result 2024 Live along with Latest News and Top Headlines from India and around the world.
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On