State appoints Regional Commissioner to compile status of ponzi cases
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This is after RBI identified and sought action against 118 finance firms
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This is after RBI identified and sought action against 118 finance firms
In a bid to protect the depositors’ interest in Ponzi schemes run by financial companies, against whom cases have been registered, and monitor cases pending in various courts, the State government on Saturday appointed Bengaluru Regional Commissioner to compile the status of all cases that have been filed in the State and coordinate with the district administration.
The finance companies running ponzi schemes could dupe investors completely and if movable and immovable properties belonging to these companies are not attached, there is a possibility that investors’ interest cannot be protected since these properties could be sold, the government said in its proceedings appointing the Regional Commissioner. Since this action agains