How BUDS will help IMA Victims get more Money, Faster!
The Social Media is abuzz with BUDS Act and how IMA Victims will get more money in shorter time. Being a new Act, everyone including Senior Lawyers are confused, especially in the context of the IMA Fiasco.
The Central Government enacted "Banning of Unregulated Deposit Schemes" Act (BUDS), for benefit of Ponzi Victims. First introduced in 2015, it became an Ordinance in Feb '19 and an Act after Lok-Sabha & Rajya-Sabha passed it on 24 & 29 July. Hon'ble President gave his assent, on 31 July 2019 and the Act is deemed to be in force since 21 Feb 2019.
Currently, most scamsters are booked under "Karnataka Protection of Interests of Depositors in Financial Establishments", Act 2004 (KPID). The act is good enough for punishing Crooks and Refunding depositors, but has a major loophole of letting the middlemen off the hook. The agents & community leaders, who influence Victims into Ponzi-Deposits, go Scot-free under KPID act, but get punished under BUDS.
In continuation of our 8 months old, "Politico-Legal" battle for Ponzi Victims, the most challenging effort was to make the "Corrupt Politician controlled Officials" discharge their Legal Obligation in time. As the duration & outcome of Court Cases depend on inputs of these Officials, we kept looking for Legal Frameworks to make them work for quicker & better Refund. That got us to compare BUDS with KPID and derive Similarities, Differences and Advantages of the Acts and compiling them for best benefits of Ponzi Victims, especially IMA Depositors.
We had already informed the SIT, Senior Govt Officials including Chief Secretary, Revenue / Law / Home Secretaries about BUDS, but we are yet to see results.
We have tabulated them for quicker reference:
As far as IMA Victims are concerned, they are sure to get more money due to Priority over other Dues clause and get it faster due to 180 days trial deadline. They may get some more money, if the Authorities attach properties from those who were bribed to influenced Victims to deposit in IMA.
The Central Government enacted "Banning of Unregulated Deposit Schemes" Act (BUDS), for benefit of Ponzi Victims. First introduced in 2015, it became an Ordinance in Feb '19 and an Act after Lok-Sabha & Rajya-Sabha passed it on 24 & 29 July. Hon'ble President gave his assent, on 31 July 2019 and the Act is deemed to be in force since 21 Feb 2019.
Currently, most scamsters are booked under "Karnataka Protection of Interests of Depositors in Financial Establishments", Act 2004 (KPID). The act is good enough for punishing Crooks and Refunding depositors, but has a major loophole of letting the middlemen off the hook. The agents & community leaders, who influence Victims into Ponzi-Deposits, go Scot-free under KPID act, but get punished under BUDS.
In continuation of our 8 months old, "Politico-Legal" battle for Ponzi Victims, the most challenging effort was to make the "Corrupt Politician controlled Officials" discharge their Legal Obligation in time. As the duration & outcome of Court Cases depend on inputs of these Officials, we kept looking for Legal Frameworks to make them work for quicker & better Refund. That got us to compare BUDS with KPID and derive Similarities, Differences and Advantages of the Acts and compiling them for best benefits of Ponzi Victims, especially IMA Depositors.
We had already informed the SIT, Senior Govt Officials including Chief Secretary, Revenue / Law / Home Secretaries about BUDS, but we are yet to see results.
We have tabulated them for quicker reference:
BUDS is improvised by lessons learnt from various State PID Acts, with hope that those implementing it will do it sincerely.The BUDS Act may not apply for Ponzi Companies who defaulted to pay before 21 February 2019 and hence Victims of Ambidant, Ajmera and many other Ponzi Companies may not be as lucky.
However, looking into the future, a lot of Ponzi Companies, who are currently in business, will go bust sooner than later, so the Investors of such companies should take care not to lose their money.
As far as IMA Victims are concerned, they are sure to get more money due to Priority over other Dues clause and get it faster due to 180 days trial deadline. They may get some more money, if the Authorities attach properties from those who were bribed to influenced Victims to deposit in IMA.
The IMA Chief Mansur Khan has already named quiet a few Ministers, Builders and Bureaucrats, in his Videos. If the Govt Authorities book them, their cache of land banks & properties, can fetch enough money to clear entire dues of IMA Victims.
Hope Almighty gives strength to all IMA Victims to fight unitedly till they get their money and wisdom to Govt Authorities to identity and book few undetected Ponzi Companies through BUDS Act.
Here is a Video, that explains what we do & how Victims of all Ponzi Companies can benefit by uniting under one Umbrella.
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