Chit Fund Probe Panel Invites Complaints


CSR & Competitiveness


650,000 persons were duped of Rs 4,375 crore between January, 2012 and June, 2013, by chit fund companies operating in Odisha

The R K Patra Commission of Inquiry, constituted to probe illegal collection of money by chit fund companies, today issued notification in leading newspapers inviting appeal and grievances against the companies.

With this notification, people are free to send records, data, and complaints against companies that had collected money from them. They can submit their records either by post or in person. The process will continue for four weeks, after which the Commission will conduct its first hearing on September 6.

“The hearing will be extended further depending on witness and cases,” said Patra, retired chief justice of Sikkim High Court and former chairman of Odisha Human Right Commission.

As per government estimates, 650,000 persons were duped of Rs 4,375 crore between January, 2012 and June, 2013, by chit fund companies operating in the state.

The state police and crime branch had taken action against 127 firms, filed 280 cases and arrested more than 300 persons for involvement in the scam. The companies against whom the cases are registered include Seashore group, Arthatatwa and Rose Valley.

The state government has announced a corpus fund of Rs 300 crore to give relief to small investors who have lost their money in the scam.

Besides, the government has directed opening of grievance cells in the office of the Superintendent of Police (SP) in every district. SPs have been asked to meet the complainants on daily basis.

(Business Standard)

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