The belief under Section 7(3) of the Banning of Unregulated Deposit Schemes Act, 2019 must be based on:

Section 7(3) requires reason to believe founded on prescribed information and particulars. Rule 3 of the 2020 Rules includes complaints, official information, print/electronic advertising and other information possessed by the Competent Authority. A credible media item may therefore matter; unsupported speculation alone does not establish the statutory basis.