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MPs want ban on schemes promising very high returns


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Such jano
What a stupid demand by stupid MPs
by Such jano on May 20, 2013 11:11 PM

its between a promoter and investor to decide what they want.

All MPs need to do to force rule of law and punish the guilty.

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arvind kayan
Blanket ban not needed
by arvind kayan on May 18, 2013 11:06 AM

The demand for a blanket ban is not required. As mentioned, there was a failure on the part of the authorities to monitor and prevent the scam. Moreover it is apparent that the scheme received political approval.
Whenever the operator of any business has received political patronage, the common investors have generally suffered. Here again, the company got favors from politicians due to which, the promoter, emboldened by the newly formed alliance went on a cheating spree. The promoter is being investigated and is in police custody, but the politicians are all enjoying the fruits of their unholy nexus.
The parliament should frame rules that such politicians should be debarred from contesting elections and also from holding any office of public service i.e. Govt. position. Authorities who were responsible for the sanction of the scheme, banks responsible for extension of loans should all be taken to task as they are directly answerable for dereliction of duty. Their irresponsible attitude has allowed the promoters to act in such manner having scant/no regard for law.
This will help the nation greatly to root out corruption and prevent re-occurrence of such scams.

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