Maharashtra To Set Up Financial Monitoring Units In Every District To Curb Fraudulent Investment Schemes
The Maharashtra government will establish district-level financial monitoring units to detect fraudulent investment schemes, Minister of State for Home Yogesh Kadam told the Assembly. The initiative is part of amendments to the MPID Act, 2026, which also brings crypto assets under legal scrutiny, limits adjournments in cases, and aims to speed up recovery of victims’ money from financial scams.
Maharashtra Minister of State Yogesh Kadam | File Photo
The Maharashtra government will establish dedicated financial monitoring units in every district to identify and curb fraudulent investment schemes that lure people with promises of unrealistic returns, Minister of State for Home Yogesh Kadam informed the Legislative Assembly on Wednesday.
Bill Discussion
Replying to a discussion on the Maharashtra Protection of Interests of Depositors (in Financial Establishments) (Amendment) Bill, 2026, Kadam said the proposed monitoring units would keep a close watch on suspicious financial entities and facilitate timely intervention to protect depositors from fraud.
The minister said the amendments seek to make legal proceedings more effective by limiting adjournments to two, with only one additional adjournment allowed in exceptional circumstances at the magistrate's discretion. He added that the Bill also brings virtual digital assets and cryptocurrencies under the ambit of the law, enabling authorities to recover victims' losses by assessing the market value of crypto assets instead of freezing them in every case.
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Public Awareness & Recovery
Kadam said public awareness about cryptocurrencies and cybercrime remains limited, making investors vulnerable to digital fraud. The amendments are aimed at strengthening safeguards against financial scams and ensuring quicker recovery of depositors' money. He also said appellants would be required to deposit 50 per cent of the disputed amount before approaching a court, a provision intended to discourage frivolous litigation.
During the debate, Congress leader Vijay Wadettiwar sought stricter regulation of cooperative credit societies and urban cooperative banks, citing several financial scams. BJP MLA Sumit Wankhede demanded fast-track courts for financial fraud cases, while NCP (SP) leader Jayant Patil called for more special courts and questioned the requirement of a 50 per cent deposit before filing an appeal, arguing that victims who lose their life savings may find it difficult to comply. He also urged the government to strengthen action against cybercrime and fake social media accounts used to cheat or defame people.
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