Bengaluru: With the IMA (I Monetary Advisory) Jewels scam, in which thousands of investors have lost huge sums of money they had deposited with the firm, hitting the national headlines, the State Government has decided to make an amendment to the existing Act to curb ponzi and fly-by-night companies, which lure gullible investors.
The Karnataka Protection of Interest of Depositors in Financial Establishments Act, 2004 (KPI DEFINE Act) will be amended at the next Legislative Session to initiate action against fraudulent financial companies, that lure investors by promising big returns in a short span of time.
