It has become a common phenomenon that a number of people are being fleeced by the scammers through various unregulated deposit schemes in J&K giving a tough time to cops to take action and recover the lost amount. As already the online frauds are on rise with unscrupulous elements finding new ways to deceive the innocent people surfing different mobile apps and websites through lucrative links and offers, the age old deceptive deposit schemes have also become a headache for the men in Khaki as many cases have come to fore in which fraudsters dupe the naïve citizens after luring them on one pretext or the other.
In the latest incident, the Jammu and Kashmir Police has registered a case against a Haryana-based private company for an alleged multi-crore fraud in which several people have been duped and their hard earned money has been swindled fraudulently on the pretext of doubling their amount.
It is really intriguing that despite J&K government coming up with the Jammu and Kashmir Banning of Unregulated Deposit Schemes Rules, 2022 under the Banning of Unregulated Deposit Schemes Act, 2019, the people are not refraining from falling prey to the designs of fraudsters who off and on come up with lucrative deposit schemes with an intention of deception and loot the public by offering bait like benefits. It is pertinent to mention that the aforesaid law was approved to provide insulation to common man from the illegal actions of fraudsters but the increase in such frauds have testified that much more has to be done to educate people regarding the ways the con society trap the innocent people and flee with their hard earned deposits.
The aforesaid Act provides a comprehensive mechanism to ban the unregulated deposits and to protect the interests of depositors. It is worthwhile to mention that the Banning of Unregulated Deposit Schemes Act, 2019 puts a ban on the promotion, operation, and advertisement of unregulated deposit schemes which lead to fraudulent default in the repayment/ return of deposit amount on maturity.
A prize chit or a money circulation scheme is also banned under the provisions of the Act. The government through enacting this provision has accomplished its duty and now the responsibility lies on the shoulders of people indulging in such unauthorized dealings because the same have been categorically banned.
All said and done, it is advisable that people should not invest in the unregulated deposit schemes even if the offer of return promises stars or the moon. Although cops do try to act against the culprits in such cases, in reality people indulging in such illegal transactions are also equally responsible.
