Modi govt to repressive on savings scams

Business
May 30 2016 01:06 PM
Shraddha

Modi govt to repressive on savings scams

India plans legislation to close a regulatory loophole that has made it possible for defrauder to pushover millions of accumulator as Prime Minister Narendra Modi quarrel to bring the rural poor into the standard banking system.

Two- faced operators have deceived squirrel of billions of dollars by running pyramid schemes or promoting arguable investments in everything from tree plantations to farming emus, a flightless bird.

The most infamous has been Sahara, whose founder Subrata Roy was jailed in 2014 after failing to controversial 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. said Nishikant Dubey, a member of parliament's standing committee on finance from Modi's ruling (BJP) said, “Our aim is to take steps so that there are no more scams like Sahara in future”.

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