Centre sets up inter-ministerial group to suggest ways to tackle fraudulent money pooling activities

5/09/2013
The government has set up an inter-ministerial group, IMG, to suggest ways to tackle fraudulent money pooling activities and protect the interest of investors. The move follows rising instances of people being defrauded by ponzi schemes. Official sources said, representatives from the Finance and Corporate Affairs Ministries, Reserve Bank of India and Securities and Exchange Board of India will be members of the IMG. Setting up of the IMG is the latest in a slew of measures initiated by the government in the wake of the Kolkata-based Saradha Group cheating many investors through fraudulent money pooling scheme.
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