Section 25 of BUDS Act : Section 25: Offences By Deposit Takers Other Than Individuals
BUDS Act
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Explanation using Example
Imagine a scenario where "Fast Returns Ltd." is a company offering investment opportunities with unusually high returns. The company is later found to be running a Ponzi scheme and is therefore in violation of The Banning of Unregulated Deposit Schemes Act, 2019. Mr. Smith, the CEO of the company, was in charge of the business and its operations when the offences were committed.
Under Section 25(1), Mr. Smith, along with the company, would be deemed ...
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