Govt to bring law to block illegal deposit schemes: CBI

With Ponzi schemes of over Rs 1.2 lakh crores being probed by CBI, government will shortly bring a bill in Parliament to stop illegal deposit schemes, the probe agency Chief Anil Sinha said here on Thursday.

Addressing 22nd Conference of CBI and State anti-corruption bodies, he said the conference would also deliberate on the legislative and regulatory gaps that have led to widespread growth of Ponzi schemes across the country in which crores of innocent citizens have been cheated.

“CBI investigations into these scams have enabled us to identify the weaknesses in existing laws and regulations which have been exploited by the scamsters. We have been actively engaged with the Government of India in bringing a new legislation to ban these illegal deposit taking activities,” Sinha said. The CBI Director said the discussions with all states would go a long way in giving strength to the new legislation which may be introduced in Parliament shortly.