BJP holds UPA responsible for ponzi scam

Blaming the Congress-led UPA government at the Centre for growth of ponzi companies, the Odisha unit of BJP today said the announcement of opening a Serious Fraud Investigation Office in the state was itself a "fraud".
"Being the Minister of Corporate Affairs, Sachin Pilot failed in his responsibility to regulate and monitor the chit fund companies. It was his responsibility to save the investors' money," said BJP state president K V Singhdeo.
Asking Pilot and his government as to what they were doing when ponzi companies looted thousands of crores of rupees from gullible investors, Singhdeo claimed that majority ponzi companies were registered with the Corporate Affairs Ministry.

The BJP leader said Pilot is accountable to people and must answer if he has the "gut to punish the culprits".
"It is disgusting to hear sermon from Sachin to make over his failure and incompetence. Even passing the buck to the State Government will not work as most companies have their head offices in other States which are outside the purview of the State investigating agencies," the BJP leader said.
Reacting on the issue, BJP spokesman Sajan Sharma said the announcement of an office clearly shows that the Centre attempts to drag the issue till the upcoming election.
"If the Ministry of Corporate Affairs had effectively regulated the ponzi companies, people would not have been duped at all," Sharma said.