Bengaluru: In a move aimed at acting against fraudulent companies (generally known as blade companies) which cheat investors on the promise of attractive interest, the Karnataka Government is mulling on enforcing an Act to protect the interests of the investors.
In the wake of Bengaluru’s IMA (I-Monetary Advisory) ponzi scam and Guru Raghavendra Co-operative Bank fraud involving thousands of crores of rupees, the State Cabinet which met here on Thursday, is said to have resolved to introduce an Act by the name ‘Karnataka unregulated Fixed Deposit Schemes Prohibition Act-2020’.
