Maharashtra CM Announces Financial Intelligence Unit to Combat Fraudulent High-Interest Schemes
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Synopsis
Maharashtra Chief Minister Devendra Fadnavis announced the formation of a Financial Intelligence Unit to protect depositors from fraudulent schemes promising high interest rates. The initiative aims to regulate cooperative societies and banks, ensuring the safety of depositors' funds, especially after significant fraud cases have emerged.
Key Takeaways
- Maharashtra CM Devendra Fadnavis announces a Financial Intelligence Unit.
- The unit will monitor high-interest schemes to prevent fraud.
- Stricter regulations for cooperative societies and banks are planned.
- Efforts to protect small investors' deposits up to Rs 5 lakh.
- Addressing crime in Pune with new police stations and rehabilitation programs.
Mumbai, March 18 (NationPress) The Chief Minister of Maharashtra, Devendra Fadnavis, declared on Tuesday that the state government will establish a Financial Intelligence Unit aimed at protecting depositors in cooperative societies and banks from falling victim to fraudulent schemes that promise double the legally allowable interest rates.
This new unit will monitor advertisements and schemes that offer unreasonably high interest rates and will take necessary actions to prevent depositors from being misled, he noted.
During the Assembly session, CM Fadnavis responded to a question posed by NCP legislator Prakash Solanke regarding the irregularities surrounding the Gyanradha Multi-State Cooperative Credit Society.
He emphasized that reports of certain multi-state cooperative credit societies defrauding depositors have been on the rise.
The state government is dedicated to safeguarding depositors' funds by enforcing stricter regulations on such credit societies, banks, and chit-fund companies, he stated.
Moreover, to protect the deposits of small investors up to Rs 5 lakh in cooperative banks, the state will request the Central government to amend existing cooperative banking laws or introduce new legislation for enhanced protection, CM Fadnavis explained.
Addressing the issue of the Gyanradha Multi-State Cooperative Credit Society, he mentioned that fraud amounting to Rs 1,121.47 crore has impacted 20,802 depositors across 50 branches in Maharashtra.
Despite repeated assurances from the bank's chairman and directors, depositors have yet to receive their funds, he added.
The state government plans to recover the defrauded money by auctioning off the seized assets of the credit society, he mentioned.
Additionally, he informed the Assembly that 80 properties valued at Rs 6,000 crore have been identified under the Maharashtra Protection of Depositors' Interests Act. These properties will be auctioned to ensure depositors are repaid as swiftly as possible, CM Fadnavis affirmed.
In other news, the Chief Minister discussed ongoing efforts to combat crime in Pune.
"Pune city has experienced nine incidents involving criminals armed with sickles disrupting public order. Nineteen individuals have been arrested, including 13 juveniles. However, there is currently no evidence of a 'Sickle Gang' operating in Pune, although minors aged 15 to 16 have been implicated in such crimes. To assist these juvenile offenders, the 'Disha' program has been launched. The state government is committed to taking all possible measures to address crime in Pune," said CM Fadnavis.
He also remarked that the Disha program in Pune aims to rehabilitate juvenile offenders, with some minors having already undergone successful reform through this initiative.
Due to the extensive jurisdiction of current police stations, there were challenges in effectively managing crime, he added.
Recognizing this issue, the state government has approved the creation of seven new police stations in Pune city, he concluded.
