2 Lakh Investors Cheated of ₹2.95 Lakh Crore in Mumbai in 10 Years: CM
In a shocking revelation, Maharashtra Chief Minister Devendra Fadnavis has disclosed that nearly 2.71 lakh investors in Mumbai were cheated of a staggering ₹2.95 lakh crore in the last 10 years. This staggering figure is a testament to the rampant fraudulent activities that have plagued the financial sector in the city, leaving thousands of innocent investors reeling.
Fadnavis made this statement in a written reply to a question in the legislative council. The shocking revelation has sparked widespread outrage and concerns about the lack of effective measures to prevent and punish such fraudulent activities.
The Chief Minister also revealed that nearly 1.05 crore investors were duped of ₹22,552 crore in Maharashtra, excluding Mumbai, in the last 10 years. These figures are a stark reminder of the need for stricter regulations and enforcement to safeguard the interests of investors.
The massive scale of the fraud is a cause for concern, and the government’s inability to prevent such widespread cheating has led to widespread criticism. The Chief Minister’s admission has raised questions about the effectiveness of the state’s financial regulatory bodies and their ability to protect investors.
The revelation has also sparked concerns about the lack of transparency and accountability in the financial sector. The government’s failure to prevent such massive frauds has led to a loss of faith among investors, who are now left wondering if their hard-earned money is safe.
The Chief Minister’s statement has also raised questions about the role of regulatory bodies, such as the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI), in preventing such frauds. The government’s inability to prevent such widespread cheating has led to widespread criticism of the regulatory bodies’ effectiveness.
The massive scale of the fraud has also raised concerns about the impact it may have on the economy. The loss of investor confidence can have far-reaching consequences, including a decline in economic growth and a rise in unemployment.
The government’s response to the crisis has been criticized for being inadequate. The Chief Minister’s statement has sparked calls for greater transparency and accountability in the financial sector. The government must take immediate action to prevent such frauds in the future and provide compensation to those who have been cheated.
The revelation has also raised questions about the role of the police and the judiciary in preventing and punishing such frauds. The government’s inability to effectively investigate and prosecute such cases has led to widespread criticism of the justice system.
The Chief Minister’s statement has also raised concerns about the lack of effective measures to prevent and punish such fraudulent activities. The government must take immediate action to tighten regulations and enforcement to prevent such frauds in the future.
In conclusion, the revelation that nearly 2.71 lakh investors in Mumbai were cheated of ₹2.95 lakh crore in the last 10 years is a shocking reminder of the need for stricter regulations and enforcement to safeguard the interests of investors. The government’s inability to prevent such widespread cheating has led to widespread criticism, and immediate action is required to prevent such frauds in the future.
Source: https://repository.inshorts.com/articles/en/PTI/bf6ad2c4-0bf1-4e19-9fc0-eb190b988994
