New Delhi, Feb. 13 -- The Banning of Unregulated Deposit Schemes Bill which seeks to provide severe punishment and heavy pecuniary fines for chit fund operators and fraudsters, was passed in the Lok Sabha on Wednesday.
The legislation is aimed to help innocuous investors not to fall into the trappings of fraudsters and chit fund operators those played havoc with poor and middle class people in West Bengal and few other eastern states.
The Union cabinet last week had given its green signal to the fresh amendments those provide for severe punishment and heavy pecuniary fines for such operatives to act as deterrent.
The Bill would significantly also provide for 'attachment' of properties and assets by the Competent Authority, and subsequent...