CM: Dedicated Maha Agency Soon To Tackle Investor Fraud Cases
Highlighting the increasing number of financial scams affecting small and medium investors across the state, Fadnavis said the new unit will provide the police with technical, legal, and property valuation expertise to ensure timely and effective action.
"These crimes are growing rapidly, and the police alone cannot manage the complexity of asset tracing and recovery. A specialized investigation wing will be established to support law enforcement," he said.
The proposed agency will consist of financial analysts, legal experts, and property valuation professionals. Its main role will be to work with the police after FIRs are filed, assisting in tracing both movable and immovable assets, evaluating them, initiating seizure under MPID (Maharashtra Protection of Interest of Depositors) Act, and facilitating auction and recovery proceedings.
"While we already have the MPID Act to protect depositors, its implementation has produced limited results," Fadnavis noted.
"The new agency will ensure the law is enforced more effectively and that asset recovery processes aren't delayed due to lack of technical or legal support," he said.
The CM also said that the govt is reviewing penal structure under the MPID Act to increase punishments and financial penalties for economic offences. "We are considering amendments to increase both the duration of imprisonment and the amount of fine imposed in such cases," he added.
The announcement came in response to supplementary questions raised by legislators Prakash Solunke and senior BJP leader Sudhir Mungantiwar, who supported the need for a systemic crackdown on fraud targeting investors.
Over the past few years, Maharashtra has witnessed a surge in deposit frauds, with several high-profile cases dragging on due to delays in identifying and liquidating assets. Officials say current systems lack the domain expertise and infrastructure to follow through complex financial investigations, leaving victims without relief for years.
The proposed agency, expected to operate under home or finance department, will be empowered to provide end-to-end assistance in enforcement — from forensic financial audits to auction of seized assets.
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