Maha to amend MPIDA in current Budget session: CM

The Maharashtra government would amend the Maharashtra Protection of Interest of Depositors Act (MPIDA) in the ongoing Budget session, Chief Minister Devendra Fadnavis today told the Legislative Assembly.

He said the proposed amendment would be regarding confiscation and sell of the propertiesacquired through white collar crimes.

"White collar crimehas been on the rise," the chief minister said during Question Hour while replying to a query raised by Congress MLA Praniti Shinde regarding Tripura chit fund scam in which investors from various places, inclusing Solapur in Maharashtra, have lost their money.

Explaining the need to bring the amendment, he said there are certain shortcomings in the current MPIDA regarding confiscation and sell of seized properties.

"Incases like chit fund scams, ponzy schemesetc. properties of absconding criminals could not be auctioned successfully.

"The government will bring an amendment under which a high power committee would be given the rights to sell such assets if the auctioning cannot be accomplished successfully even after two to three attempts and to recover money of investors who are cheated," he said.

Fadnavis said the government would also buy the enemy or fugitive properties in case people are not coming forward to purchase them out of fear.

Leader of Opposition Radhakrishna Vikhe Patil also raised the issue of increasing number of cases of financial frauds in the state and demanded strict action against the perpetrators.