PM pushing for a new law to tackle ponzi schemes

India plans a legislation to close a regulatory loophole that has made it possible for fraudsters to dupe millions of savers, as Prime Minister Narendra Modi strives to bring the rural poor into the mainstream banking system.  Unscrupulous operators have bilked savers of billions of dollars by running pyramid schemes or promoting questionable investments in everything from tree plantations to farming emus, a flightless bird.  The most notorious has been Sahara, whose founder Subrata Roy was jailed in 2014 after failing to comply with a Supreme Court order to repay money raised under deposit plans later ruled illegal. The court has asked Sahara to return $5.4 billion to investors in those banned plans.  “Our aim is to take steps so that there are no more scams like Sahara in future,” said Nishikant Dubey , a member of parliament’s standing committee on finance from Modi’s ruling BJP.