Mumbai: Chief Minister Devendra Fadnavis informed the Maharashtra Legislative Assembly that the state police have launched a special drive against fraudulent companies luring investors with promises of unusually high returns. He assured the House that the Financial Intelligence Unit (FIU) of the police department is actively monitoring such schemes and taking action against any company advertising suspiciously high interest rates or "Ponzi-style" offers.
Speaking during the Assembly session, Fadnavis said, “People should be alert and not fall prey to schemes that promise 60% or 25% interest rates. No one is sitting in the world to give such returns.” He stressed the need for public awareness and urged citizens to thoroughly verify the registration and legal status of companies before investing.
The Chief Minister clarified that many of these fraudulent companies are registered under the Companies Act, which does not require prior police permission. As a result, law enforcement may not be immediately aware of such companies' activities. He emphasized that it is crucial for the public to exercise caution and conduct due diligence.
The issue was raised by MLA Bhimrao Tapkir, with supplementary questions posed by MLAs Nana Patole and Jeetendra Awhad. Patole highlighted that several districts have seen people being defrauded through promises of high returns on investments. Awhad, an NCP MLA, demanded strict action against fraudsters who exploit poor and middle-class citizens through fake investment schemes.
Fadnavis reiterated that the Financial Intelligence Unit is actively identifying and acting against these companies and their misleading advertisements. He also informed the House that public awareness campaigns are underway to prevent such frauds.
Meanwhile, Minister of State for Home Affairs, Yogesh Kadam, stated that action has already begun against the firm ‘Torus’ in connection with financial fraud. He added that over the past three months, the government has been in the process of seizing the company's assets under the Maharashtra Protection of Interest of Depositors (MPID) Act.
