Maha govt to form study group to curb rising cases of Ponzi schemes in state: Devendra Fadnavis

Deputy Chief Minister and State Home Minister Devendra Fadnavis announced that the Maharashtra government would establish a study group to examine the increasing instances of Ponzi schemes in the state. The group will then develop recommendations to address and mitigate the prevalence of such schemes. He made these remarks during the question hour in the winter session of the state legislature, which commenced on Thursday.

The state government will set up a study group to go through the issue for three months. Once the group submits its recommendations, the state will make necessary changes in existing acts. We will try to make the regulations stricter to reduce incidents of people getting robbed of their money (through Ponzi schemes), he said. Previously, some legislators, including Ravindra Waikar, Ashok Chavan, and Balasaheb Thorat, posed inquiries regarding the prevalence of Ponzi schemes in the state.

Fadnavis assured the House that the government would issue instructions to the economic offences wing of the police to ensure that agencies advertising higher returns on investments obtain proper permissions from the regulators concerned. The state home department will also make special efforts to sensitise people about such fraudulent schemes. These people target their customers while staying under the radar. Sometimes, even the use of darknet is also seen, he added.