Question : Setting up of Central Institution to Check Fraud

(a) whether the Union Government has received suggestions from the Serious Fraud Investigation Office (SFIO) and other quarters for setting up of a central institution to check the fraudulent activities of chit funds/multi-level marketing companies/schemes;

(b) if so, the details thereof and the time by which it is likely to be set up;

(c) whether the Union Government have discussed with the State Governments in this regard; and

(d) if so, the reaction of the State Governments thereon?

Answer given by the minister

THE MINISTER OF STATE IN THE (SHRI ARJUN RAM MEGHWAL)
MINISTRY OF CORPORATE AFFAIRS

(a): No communication has been received in this Ministry for setting up of Central Institution to check the fraudulent activities of Chit Funds/Multi-Level Marketing Companies.

(b) to (d): In view of (a) above, does not arise.
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