CYBER FRAUD

High Court directive to Centre, RBI 

Chandigarh, October 4Acting on a petition filed in public interest against companies allegedly involved in large-scale cyber fraud through online investments, the Punjab and Haryana High Court today directed the Centre and the Reserve Bank of India to take action for stopping deceitful practices. The steps could include seizing the bank accounts opened by the companies.
The Division Bench of Acting Chief Justice MM Kumar and Justice RN Raina directed the Union ministries concerned and the RBI: “To proceed with any action in order to stop the fraudulent practices, which are being perpetrated by various companies based in India and abroad.”
The Bench added the authorities “may take steps including the seizing of bank accounts which have been opened by those companies in various banks in order to siphon off funds of gullible public.”
The direction came on a petition filed by a Zirakpur resident Nardeep Saini and 29 other petitioners from the States of Punjab, Haryana and UT. The Bench directed the State to file its reply before November 8.
The petitioners had earlier alleged that three companies had fleeced a large number of innocent persons to the tune of Rs 1,500 crore.
The petitioners had contended that a large number of Indians were lured in the online investment scheme with assured results of doubling the amount within 10 months.