Maharashtra govt to form study group to curb Ponzi schemes: Fadnavis

While speaking during the question hour in the winter session of the state legislature, Maharashtra CM Fadnavis said that they 'will try to make the regulations stricter to reduce incidents of people getting robbed of their money through Ponzi schemes.'

Nagpur: The Maharashtra government will form a study group to go through the rising cases of Ponzi schemes in the state and work on its recommendations to curb them, said deputy chief minister and state home minister Devendra Fadnavis on Friday.

He was speaking during the question hour in the winter session of the state legislature which began 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.

Earlier, a few legislators, including Ravindra Waikar, Ashok Chavan and Balasaheb Thorat, raised questions about 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.