Section 5
Wrongful inducement in relation to Unregulated Deposit Schemes.
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.
No person by whatever
name called shall knowingly make any statement, promise or forecast which is false, deceptive or
misleading in material facts or deliberately conceal any material facts, to induce another person to
invest in, or become a member or participant of any Unregulated Deposit Scheme.