Penalty for breaching prohibition on unregulated deposit schemes imposes imprisonment or substantial fines under the Act. Contravention of the prohibition in section 4 of the Act attracts a dual penal regime: criminal incarceration and mandatory monetary sanction. A deposit ... Summary
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Penalty for breaching prohibition on unregulated deposit schemes imposes imprisonment or substantial fines under the Act.
Contravention of the prohibition in section 4 of the Act attracts a dual penal regime: criminal incarceration and mandatory monetary sanction. A deposit taker who breaches section 4 faces imprisonment for a term that may extend up to seven years and/or a fine whose minimum and maximum bounds are specified, with the upper measure linked to the greater of a prescribed cap or the multiples of fraudulent-default profits.
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