Section 22
Punishment for contravention of section 4.
The Banning of Unregulated Deposit Schemes Act, 2019
About this Act
An Act to provide for a comprehensive mechanism to ban the unregulated deposit schemes, other than deposits taken in the ordinary course of business, and to protect the interest of depositors and for matters connected therewith or incidental thereto.
Any deposit taker who contravenes the
provisions of section 4 shall be punishable with imprisonment for a term which may extend to seven
years, or with fine which shall not be less than five lakh rupees but which may extend to twenty-five
crore rupees or three times the amount of profits made out of the fraudulent default referred to in said
section, whichever is higher, or with both.