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of <h1>Violating Deposit Schemes Act: Unregulated solicitations face severe penalties, including imprisonment and hefty fines under Section 3.</h1> Under the Banning of Unregulated Deposit Schemes Act, 2019, any deposit taker soliciting deposits in violation of section 3 faces imprisonment from one to five years and a fine ranging from two to ten lakh rupees. Accepting deposits in contravention results in imprisonment from two to seven years and fines between three and ten lakh rupees. If a deposit taker fraudulently defaults on repayments, imprisonment ranges from three to ten years, with fines not less than five lakh rupees, potentially doubling the total funds collected. 'Fraudulently' aligns with its definition in the Indian Penal Code, and impracticable scheme terms indicate fraudulent intent.
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