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Assam Police Forms 14 SITs to Investigate Unregulated Deposit Schemes

The Assam Police has taken a significant step in cracking down on unregulated deposit schemes by forming 14 Special Investigation Teams (SITs) to thoroughly investigate related cases. Assam Director General of Police (DGP) GP Singh announced this move, highlighting the seriousness with which the police are approaching this issue.

These SITs will be reporting to a supervision and monitoring group based at the Assam CID headquarters, led by the Additional Director General of Police (ADGP) and Inspector General of Police (IGP) of CID. The actions taken by the Assam Police have already resulted in 28 cases being registered and 59 arrests made across 14 districts.

DGP GP Singh emphasized that the cases have been registered under the Banning of Unregulated Deposit Schemes Act, 2019, and relevant sections of the Bhartiya Nyaya Samhita. Additionally, 22 Look Out Circulars (LOC) have been issued for individuals who have failed to cooperate with investigations despite receiving notices.

One specific case, known as the Bishal Phukan Case, has been transferred to the Criminal Investigation Department (CID) in Guwahati for thorough investigation. This case involves charges under Sections 316(2) and 318(4) of the Bhartiya Nyaya Samhita 2023, along with Sections 21 and 23 of the Banning of Unregulated Deposit Scheme Act, 2019.

Assam Chief Minister Himanta Biswa Sarma has also expressed confidence in the police force, stating that no one can evade the law for long. In a separate development, the CID team apprehended two individuals in connection with an investment fraud case involving the YBY app.

The proactive approach taken by the Assam Police in tackling unregulated deposit schemes demonstrates their commitment to upholding the law and protecting the interests of the public.

Assam Police Form 14 SITs to Investigate Unregulated Deposit Scheme Cases | India News

In a recent development, the Assam Police have formed 14 Special Investigation Teams (SITs) to investigate cases related to unregulated deposit schemes in the state. This move comes in the wake of a rise in fraudulent schemes that have duped innocent investors of their hard-earned money. Let’s take a closer look at this important step taken by the Assam Police.

What are unregulated deposit schemes?

Unregulated deposit schemes are financial schemes that are not regulated or monitored by any government authority. These schemes often promise high returns on investment in a short period of time, luring unsuspecting investors with the prospect of quick and easy money. However, in most cases, these schemes turn out to be fraudulent, leading to financial losses for the investors.

How do unregulated deposit schemes operate?

Unregulated deposit schemes operate by collecting money from investors with the promise of high returns. The operators of these schemes often use various marketing tactics to attract investors, such as offering unrealistic returns, using word of mouth referrals, and creating a sense of urgency to invest. Once they have collected a significant amount of money, the operators of these schemes disappear, leaving investors high and dry.

What are the risks associated with unregulated deposit schemes?

Investing in unregulated deposit schemes carries a high level of risk, as there is no guarantee that investors will get their money back. In most cases, once the operators of these schemes abscond with the investors’ money, it becomes nearly impossible for the investors to recover their funds. This can lead to financial ruin for the investors, causing them to lose their life savings and face financial hardships.

What steps are being taken to curb unregulated deposit schemes?

To curb the menace of unregulated deposit schemes, the Assam Police have formed 14 SITs to investigate cases related to these fraudulent schemes. The SITs will work tirelessly to identify the operators of these schemes, gather evidence against them, and ensure that they are brought to justice. This proactive step by the Assam Police is aimed at protecting innocent investors from falling prey to such schemes in the future.

What can investors do to protect themselves from unregulated deposit schemes?

Investors can protect themselves from unregulated deposit schemes by being vigilant and conducting thorough due diligence before investing their money. It is important to research the scheme thoroughly, verify the credentials of the operators, and seek advice from financial experts before making any investment. Additionally, investors should be wary of schemes that promise unrealistically high returns and always be cautious of any investment opportunity that sounds too good to be true.

In conclusion, the formation of 14 SITs by the Assam Police to investigate unregulated deposit scheme cases is a welcome step in the fight against financial fraud. By cracking down on fraudulent schemes and holding the operators accountable, the Assam Police are sending a strong message that such illegal activities will not be tolerated. It is important for investors to remain vigilant and exercise caution when investing their money to avoid falling victim to such schemes in the future.