New Delhi : (IANS) As many as 164 ponzi, or chit fund, companies are currently being probed by central agencies for duping customers across the country, parliament was told on Friday.

Cases relating to the 164 companies operating ponzi schemes are being investigated by the Serious Fraud Investigation Office (SFIO), Finance Minister Arun Jaitley told the Lok Sabha in a written reply.

He also released a list of firms against which inquiries are in progress.

Jaitley also said the government has taken a number of steps to check cases of corporate frauds and protect interests of the investors in such ponzi schemes.

“Greater application of technology for early and preliminary identification of cases involving frauds through data analysis and usage of forensic tools etc., is being promoted,” he said.

“CBI (Central Bureau of Investigation) probe has been initiated in a large number of cases, many people were prosecuted and arrests made while several promoters continue to be in jails,” he added.

Noting that the Enforcement Directorate (ED) has also attached properties of many promoters under the Prevention of Money Laundering Act (PMLA), the minister said the government has decided to set up a central authority to take proper action against such offenders.