Oops! It appears that you have disabled your Javascript. In order for you to see this page as it is meant to appear, we ask that you please re-enable your Javascript!
    | | Contact: 8407908145 |
    Published On : Thu, Aug 3rd, 2017

    Maharashtra to amend laws, to expedite sale of property in fraud cases

    Maharashtra property Sale,
    Mumbai:
    The Maharashtra government is planning to amend some laws, for the speedy sale of properties attached in the cases of investment frauds, so that the duped depositors/ investors can be given their money back …

    The post Maharashtra to amend laws, to expedite sale of property in fraud cases appeared first on Housing News.

    The Maharashtra government is planning to amend some laws, for the speedy sale of properties attached in the cases of investment frauds, so that the duped depositors/ investors can be given their money back expeditiously. Chief minister Devendra Fadnavis gave this information in the legislative assembly, on August 1, 2017, responding to a question about the Samruddha Jeevan Group’s chit fund scheme, in which lakhs of investors have lost money.

    “Whenever such cases are investigated, the probe agencies frame charges based on several acts, related to cheating and protection of consumer rights. Under the current procedure, it takes a long time and we cannot sell the properties (attached properties of promoters) in time to recover the money,” he said. Hence, some laws would be amended to expedite sale of attached properties, he said.

    Fadnavis also conceded that the Samruddha Jeevan scam was earlier handed over to the CID, but later it was realised that the police department has some limitations (when dealing with financial offences). Now, the Economic Offences Wing of the police will probe all chit-fund related cases, he said.

    To a question by Shiv Sena MLA Ashok Patil, the CM said that when promoters transfer their property in somebody else’s name, it cannot be attached. However, now the Benami Transactions (Prohibition) Act 2016 will be used to confiscate such properties and pay off investors’ dues, he said.

    The post Maharashtra to amend laws, to expedite sale of property in fraud cases appeared first on Housing News.


    Stay Updated : Download Our App
    Mo. 8407908145