The AAP government on Wednesday unveiled new rules to protect individuals from bogus investment programs in an effort to curb the growing number of financial fraud cases in Delhi. In a statement announcing the rules, Chief Minister Atishi emphasized a “zero-tolerance” approach to con artists who entice victims with promises of large profits.
“For too long, people have been misled by fake schemes promising high returns, only to suffer financial losses. These rules will allow us to monitor these schemes closely and hold the fraudsters accountable,” the chief minister said.
According to the statement, the new rules give the Delhi government the power to look into and seize assets connected to fraud cases, specifically focusing on scams like chit funds and phony high-return investment plans.
According to the statement, the Delhi government would designate specialized organizations to conduct digital and forensic audits in suspected fraud instances, along with the power to confiscate the relevant assets.
Such asset seizures were previously illegal, which limited the government’s capacity to take effective action against the scammers, it continued.
“By empowering agencies to investigate and prosecute, we can now act more swiftly and help the victims recover their funds,” Atishi said.
According to the statement, the rules also provide for self-help groups (SHGs), enabling them to carry on with their lawful financial operations without hindrance because contributions up to Rs 50,000 per month and Rs 5 lakh per year would not be subject to examination.
“This threshold ensures that honest, small-scale groups can operate freely while providing greater oversight for larger contributions,” Atishi said.
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