Lawstreet Journal

"You Have Our Sympathy, But We Can't Take it on Ourselves to Collect and Distribute Money": SC on Victims of Ponzi Scheme

Lawstreet Journal 20 Nov 2020 9:53pm

Image courtesy: Lawstreet Journal Judiciary "You Have Our Sympathy, But We Can't Take it on Ourselves to Collect and Distribute Money": SC on Victims of Ponzi Scheme

On Tuesday (17th November 2020), the Supreme Court asked for suggestions as to the relief which it may grant to the victims in the 2018 Ponzi scheme run by Future Maker Life Care Pvt Ltd, involving a fraud of thousands of crores of rupees.

A writ petition was filed by the aggrieved parties of the Ponzi scheme. This was heard by a bench of two judges: Justice L. Nageswara Rao, Justice Hemant Gupta, and Justice Ajay Rastogi.

Justice Rao said, “You have our sympathy, but the Supreme Court is not the right place. We can’t take it upon ourselves to collect and distribute money.” 

He added by saying, “In the Saradha Chit Fund case, the Supreme Court had transferred all petitions to itself as several pleas had come to be filed in different states, In the present case transferring all petitions to one place may be one idea, but such a transfer to the Supreme Court or one High Court will not help you. Your concern is money- how is it to be collected? By sale of the property? How is it to be distributed? We cannot take this on ourselves.”

Justice Rao also said that the SEBI was asked to look into the fraud by the company, the issue of fictitious investors in the Sahara case as well. It was not asked to collect and distribute money.

A conference was carried on with the members of the bench after which Justice Rao said to the counsel for the petitioners, “You have our sympathy, but… Continue Reading...

Tagged: Supreme Court of India  
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