UP assembly passes bill to check financial fraud

Uttar Pradesh Assembly today passed a bill to check fraud committed by financial institutions and real estate companies, envisaging ten years' imprisonment.
The state Milk and Dairy Development Minister, Ram Murti Verma, tabled 'Uttar Pradesh Depositors Protection Bill 2016' in the Assembly.
He said companies committing fraud through financial institutions and real estate have been brought within the ambit of the Bill and a provision of 10 years' imprisonment for those indulging in such activities, has been made.
Opposition members, however, demanded inclusion of more companies under the bill and increase the term of imprisonment.
Radhamohan Das of BJP said that such a Bill had been passed in other states but was introduced in Uttar Pradesh very late.

The Bill was later passed by voice vote.