Now, state govt can seize assets in ponzi schemes

Panaji: The state government has framed rules to attach and seize moveable assets or property owned by individuals who collect deposits and defraud investors.
The state finance department has notified the Goa Banning of Unregulated Deposit Schemes Rules which permits government officers to seize and sell attached assets so that investors who were duped can get their money back.
The stringent norms allow the government to attach bank accounts, money, securities, including shares and bonds, movable assets, and land. The government can also appoint forensic auditors and digital auditors to track the money trail.
“Where the competent authority or the officer is satisfied or has reason to believe that any property, which is liable to be attached under the Act is likely to be concealed, transferred or dealt in any manner which will result in defeating the purposes of the Act, he may direct the police officer to seize such property or make an order to freeze such property where it is not practicable to seize such property and after such direction or order such property shall not be transferred or other wise disposed of or dealt with by any person,” said under-secretary for finance Pranab Bhat.
The notified norms also enable government officials to obtain details about the property from police or any other authority and if the accused is absconding, the property can be seized, audited, valued and sold to refund investors.
Through this comprehensive mechanism the state hopes to tackle illicit deposit-taking activities and Ponzi schemes, said government officials.
Recently, the economic offences cell (EOC) arrested a Haryana native for allegedly duping 2,000 investors to the tune of Rs3 crore. Every year Goa Police gets complaints from investors who have been duped of their money through ponzi schemes which promise investment opportunities.