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DECCAN
AN HERA
RALD
Sunday
October 20, 2019
I
n what may come as a relief mostallofwhomhadlostmon-
to about one lakh people ey in the Ponzi scams — from
who lost money in various (L-R) Narendra Kumar of Lanchamukta Karnataka Nirmana across Karnataka. Speakers
Ponzi scams, the state govern- Vedike, social activist Sharyar Khan, and Ravi Krishna Reddy at the conference dwelt on the
ment is planning to receive and Farhan Hoda of Indian Media Book at a conference on legal options and frameworks
theirclaimdocumentsonline. Ponzi scams on Saturday. DH PHOTO/RANJU P used by government authori-
State Public Prosecutor M tiestohelpthevictimsgettheir
Narayana Reddy announced verify
fyingtheclaimdocuments, other companies had lured money back.
this at a conference that dis- he added. Muslims by using their com- There were also elaborate
cussedwaystodeliverjusticeto Ravi Krishna Reddy, of the munity
ty leaders. discussions on the merits and
the victims of IMA, Ambidant, Lanchamukta Karnataka Nir- “People’s representatives demerits of various laws relat-
Injaz, Ajmera, Aala and other mana Vedike, said IMA and and police officers took bribes ed to investment schemes.
Ponzi schemes on Saturday.
“In cases of investment
schemes, the state govern-
ment issues a notification,
seeking the documents of the
investment. Victims have to
submit the documents within
a week. There are cases where
the victims have been waiting
for decades to get their money
back,”he said.
The online procedure is an
easier alternative to the phys-
ical process of collecting and