An Indian inter-ministerial group evolving a legal framework to protect investors against frauds by ponzi operators is now working on how a single agency can take lead in investigating cases most of which are spread across states.
Central agencies like CBI are capable of taking up inter-state investigations. But they can only be handed over cases either on the request of the state governments or orders of a court.
Keeping this in mind, the inter-ministerial panel is now learnt to be focusing on how ponzi-related cases be handed over to an agency without waiting for court order or state government’s recommendation.
Various options are being considered, said sources in know of the development.
The committee is mandated to work out a new set of Standard Operating Procedures (SOP) to be followed by the government for central