State Government asks cops to crack whip against swindlers

Source: The Hitavada      Date: 03 Oct 2017 09:09:19


Staff Reporter,

With close to 3,500 case of fraud and cheating by economic offenders involving thousands of crores of hard earned money of gullible investors awaiting adjudication, Maharashtra Government has taken a pro-active step directing top police officials to keep a close tab on such dubious activities, misleading advertisements promising mind-boggling returns and act swiftly against such fraudsters without awaiting any formal complaint of cheating.

Reminding authorities about wide powers available under Maharashtra Protection of Interests of Depositors (In Financial Establishments) Act, 1999, the Home department has directed heads of police units to act very diligently and act swiftly before money is siphoned of. Whenever any Financial Establishment is acting in a calculated manner detrimental to the interest of the depositors with an intention to defraud them or it is near certain that such Financial Establishment is not likely to return the deposits or make payment of interest or other benefits assured, can attach property of such swindlers.

However, very rarely the pro-active step was taken as a result, innocent depositors across Maharashtra were taken for a ride by such scamsters.
Nagpur bench of Bombay High Court had taken a very tough stand against financial swindlers and even co-operative bank directors who misappropriated public money.

The High Court noted that no leniency should be shown towards financial swindlers, who are nothing but cheats and charlatans having no social responsibility and have only a lust for easy money by making false promise of attractive returns for the gullible investors. The small amounts collected from a substantial number of individual depositors culminate into huge amount. These collections are diverted in the name of third parties and finally one day the fraudulent individual close financial establishment leaving the innocent depositors in the lurch, the High Court had observed.

An economic offence is committed with cool calculation and deliberate design with an eye on personal profit regardless of the consequence to the community,
In fact slow handling of MPID cases by police and judiciary came under sharp criticism of the High Court which reminded the judicial administration that pendency of such cases for overa decade in the courts was not a good sign for a robust legal system and stated that faith of depositors and investors who were duped would slowly fade away from judiciary, if such sorry situation persists. Lamenting at the plight of hapless investors who lost their hard-earned money to scamsters and are forced to wait for long due to slow moving wheels of criminal justice, the High Court
had sought immediate corrective steps to expedite trials of such scamsters.