THIRUVANANTHAPURAM: Government has decided to hand over the inter-state investment fraud cases to CBI and confiscate the assets of accused.
On complaints of more than Rs 2,000 crore frauds by 50 firms, action has been taken to confiscate the assets of 27 firms and accused. Assets will be confiscated in the remaining cases as soon as a police recommendation is received. The cases of Popular Finance, Universal Trading Solutions, and R One Info Trade Limited have been handed over to the CBI.
A committee comprising IAS officer Sanjay M Kaul, Collectors, and Additional District Magistrates is authorized to confiscate the property of fraudsters. Victims of fraud can complain to the committee. If fraud is detected from the police investigation, the assets of the firm and its owners will be confiscated and auctioned to pay the investors. Financial Crimes Investigation Department IG has been made the nodal officer for the investigation.
Investing is allowed only in institutions approved by SEBI, IRDAI, PFRDA, EPFO, Reserve Bank, Central Co-operative Registrar, and National Housing Bank. It is an offense to accept deposits with the promise of exorbitant interest.
To file a complaint
E-mail:- ca.budsact@kerala.gov.in
Address:- Sanjay M Kaul IAS, Competent Authority, BUDS Act, Room No. 374, Main Block, Govt. Secretariat