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Tough Act to deal with ponzi scam

Beware chit fund companies operating in Assam. A set of tough law is on the anvil to deal with these elements. Parliamentary affairs minister Nilomoni Sen Deka introduced the Assam Protection of Interests of Depositors (in Financial Establishments) (Amendment) Bill, 2014 in the assembly on Monday. The Bill if passed would be very tough and nobody would get anticipatory bail under this Act.

According to the Bill, Notwithstanding anything contained in section 438 of the Code of Criminal Procedure, 1973, no Court shall grant anticipatory bail to any person apprehending arrest in connection with an offence under this Act.

The Bill also proposed to compound offences punishable under the Act "on payment of the entire amount due to the depositors with or without interest".

 

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