The Chief Minister Devendra Fadnavis on Wednesday told the legislative council that, the state government is taking into consideration to amend the Maharashtra Protection of Interest of Depositors Act (MPIDA) to include developers.
Kiran Pawaskar a political leader had sought a question to CM asking about the action taken by the government against N D Devcom Pvt Ltd which had duped flat buyers in Kanjurmarg. In his reply, Fadnavis said that over 18 firm accounts are been seized and even he had been arrested.
CM Fadnavis said, “The move will allow builders’ properties to be seized and auctioned.”
He also said, the plan to bring builders’ under the ambit of MPIDA, was now before the law and waiting for the opinion of judiciary department.
The Maharashtra Protection of Interest of Depositor Act is mainly to book those who float Ponzi schemes and focused to recover investors’ money.