Lok Sabha DebatesNeed To Take Suitable Punitive Action Against Fraudulent Investment Companies. on 25 February, 2016Sixteenth Loksabha                          

                                                                               

                                                                                

                                                                                                                                                      
                      

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Title: Need to take suitable punitive action  against fraudulent investment companies.DR.KIRIT SOMAIYA(MUMBAI NORTH EAST): It is understood SEBI has prepared a list of 1489 suspicious collective investment schemes companies. In the last couple of months half a dozen major illegal collective investments schemes/Ponzy Companies operators/owners are understood to have been arrested by various states police etc, against whom SEBI had also passed interim orders, observations. Lakhs of investors' money getting lost in these scams. Attention of Finance Ministry, SEBI is being drawn to fraudulent dealings of such Ponzy/illegal collective investment scheme companies. I want status of action coordination among various investigative agencies including SEBI, SFIO, RBI, State Police, seizing of properties, returning of money to small investors etc. by the companies. I want to know the present status of action taken against these companies.