Maha govt mulls steps to protect investors from fraud cases

Taking serious cognisance of the rising instances of economic offences, the state government is considering to make the Maharashtra Protection of Interest of Depositors Act more stringent to safeguard investors.
Minister of State for Home (Urban) Ranjit Patil said that an officer will be deployed at all police stations across the state particularly to track fraudulent schemes and advertisements.
"Cyber crime cases and offences related to cheating investors are on the rise. For instance, there are fraudsters putting advertisements in newspapers selling properties at rock bottom rates and fooling people into investing in them. It has been observed that every second district in Maharashtra faced such cases," Patil told reporters here.

"The MPID Act can be made into a powerful tool to safeguard the interests of investors, if implemented properly. The government will also consider deploying a special officer at all police stations, who will keep a track of bogus schemes in their jurisdictions," Patil said.
He added that the government will consider appointing special judges to fast-track judgements for cases related to economic offences and a panel of competent authority, holding the post of Deputy collector and above could be formulated, that could liquidate the assets of fraud companies and return the money to investors.
Patil said a proposal to make CCTV cameras mandatory in shops is being considered by the government for those who apply for licenses under the Shops and Establishments Act.

"We have made installation of fire extinguishers mandatory for malls and hospitals. Similarly, when someone is putting a new shop, they can be asked to install CCTV cameras before they are granted licences. This will only be for the benefit of society at large and will not even burn the pockets of those who wish to get a license to operate," the minister said.