WB House passes new anti-ponzi scheme Bill, gives more teeth to courts

A similar Bill, introduced by the previous Left Fron government in 2003, did not get a Presidential nod.

The Left Front government did not withdraw the Bill when it was returned in 2006, but chose to introduce another legislation on the similar subject in 2008, which was subsequently passed in the House.

The TMC government decided to repeal the Bill passed by the LF government, which had not received the President's nod.

On April 30, a new Bill titled the West Bengal Protection of Interest of Depositors in Financial Establishments Bill, 2013, was passed in a two-day special session of the Assembly, having provisions for retrospective effect, search and seizure, enhanced penalties, establishment of special courts, confiscation of property.

The Bill, which was passed today, is more serious and stringent in nature and provides for confiscation of property of the fraudulent financial establishments. It also empowers investigating agencies to enter those establishments and inspect documents, Mitra said while tabling the Bill.

The scam-ridden Saradha group, which went bust in April this year leaving scores of aggrieved depositors, is facing a multi-agency probe for illegally raising deposits from investors across West Bengal and some other states.

The group's chairman Sudipta Sen was arrested along with two others from Sonmarg in Kashmir Valley on April 23 last.