Visakhapatnam police registered two cases under BUDS Act, says Police Commissioner
‘There are 40 victims under the first case registered with the Pendurthi police, while there are 100 victims in the second case registered with the Gajuwaka police’
The Visakhapatnam city police have registered two cases, for the first time in Andhra Pradesh, under the Banning of Unregulated Deposit Schemes Act -2019 (BUDS Act). The Union Government introduced the Act to prevent illicit deposit-taking schemes and protect the interests of depositors, said city Police Commissioner Shankhabrata Bagchi.
He said that those arrested in the two cases have been produced in court. There are 40 victims under the first case registered with the Pendurthi police, while there are 100 victims in the second case registered with the Gajuwaka police, he added.
Speaking to reporters here on Saturday, Mr. Bagchi said that the BUDS Act-2019 is more powerful than the existing A.P. Depositors Financial Establishment Act – 1999, and 10 years imprisonment and ₹5 lakh fine can be imposed under this Act, he added.
Mr. Bagchi said that the BUDS Act- 2019 is enacted to prevent cases of illegal financial deposits through multi-level marketing, chit fund businesses and real estate among other ways of financial crimes. A special court has also been set up at the district-level to hear the cases.
People can complain to the police if they are cheated under such crimes, the Police Commissioner said.
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