MCA tightens noose on ponzi scheme operators, wants ban on cryptocurrencies

About 60% of the money in these schemes comes from the small investors who never come forward to claim the money. They usually put money in such schemes in the range of Rs 500 to Rs 1,000

If you have invested in any deposit scheme, including a Ponzi one, and the company is not paying you back in the stipulated time, you can lodge a complaint with the Ministry of Corporate Affairs (MCA).

The Investor Education and Protection Fund (IEPF) Authority under the MCA is coming up with a portal in the next ten days with the sole purpose of getting information about investor grievances and the firms that dupe gullible investors.

The move is aimed at protecting investors from parking their money in dubious schemes.

“Our focus is on people who make small investments in chit