In the past month or so I have read a number of reports in newspapers about cheating of gullible innocent people by fraudsters. They advertise investment schemes offering very attractive returns. Most of such persons already have some reputed working organization to give realistic touch. Then after some time the schemes fail and almost all investors lose out on their hard earned money.
This opened up an old wound. I too had invested the money which I received after taking voluntary retirement in 1991 but luckily mostly in less paying but secure deposits. I did put some money in shares and debentures or fixed deposits with some companies which looked quite attractive and secure. Fortunately I got back most of such amount except about Rs 30 thousand or so. One of such organizations was based in Delhi. So I visited their office which was quite posh. I was promised that they would return my amount. I managed to find address of their Managing Director. I had a look at his residence. It was a fairly big bungalow in a upmarket locality. There were a couple of high end cars parked in the parking space within. Inspite of follow ups and the case being in court, I did not receive anything back. I happened to pass that area again after a couple of years and found that he was still residing there and had even new models of cars parked. This set me thinking about our judicial system for such matters.
After reading recent cases, I strongly feel what I am saying in the following paragraphs.
Such fraudsters should be put behind bars till last of the investors has been given his/her money, alongwith due interest, back. They should under no circumstance be let out or even afforded any facilities not available to common criminals.
Apart from that all moving as well as fixed assets of not only such persons but even their close relative, like spouse, children & their families, parents, siblings & their spouses, nephews/ nieces & their families, should be taken over till money has been paid back to every investor of their fraudulent schemes.
Otherwise all those who have lost their hard earned money be called and such persons handed over to them for whatever way they wish to handle or treat them.