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Mr Justice SS Satheesachandran has just called on the Indian government to consider seriously the need for a law like the Fraud Act 2006 which would set the penalties for fraud. According to Hindu Business Line, the Indian Penal Code is 'too specific, overlapping and perhaps even outdated'. He went on to speculate that the inadequacies of the Indian Penal Code might explain why fraud was taking place on such a large scale. He went on to say that a Moneylenders Act had been effective in restraining the activities of moneylenders in certain areas - and that a Fraud Act might also be effective. The weaknesses of India's legal system is one reason why some foreigners are deterred from investing there.
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