MUMBAI: The state government is considering amending the Maharashtra Protection of Interest of Depositors Act (MPIDA) to include developers, CM Devendra Fadnavis told the legislative council on Wednesday. The move will allow builders’ properties to be seized and auctioned, he said.The CM was replying to a question by NCP’s Kiran Pawaskar about the action the government had taken against N D Devcon Pvt Ltd that had duped flat-buyers in Kanjurmarg. The CM said the developer had been arrested and over 18 firm accounts seized.
The MPIDA is chiefly used to book those who float Ponzi schemes and is aimed at recovering investors’ money. Fadnavis said the proposal (of bring builders under its ambit) was now before the law and judiciary department for its opinion.
