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Chit Fund Commission identifies small investors of 8 ponzi firms

 The Justice MM Das Commission, which is probing the multi-crore rupees chit fund scam in the State has identified small investors who had deposited money with eight chit fund firms.

The Commission’s move came after the eight Ponzi companies, which were shortlisted by the Chit Fund Commission, failed to place their versions before it along with other details of the small investors despite repeated notices and reminders issued by the Commission.

Sources said, the nonresponsive attitude of the eight ponzi firms compelled the Chit Fund Commission to take step for identification of their small investors who had invested their hard earned money with an expectation of high returns.

The eight ponzi firms identified are Sai Prava Infrastructure Limited, MGL Infra Private Limited, Future Life Developers Private Limited, Vamshi Exports Limited, Sedil Development India Limited, Future Life Capital Service Limited, Sedil Multipurpose Cooperative Limited and Suraha Microfinance Limited.

According to reports, out of these firms, Suraha Microfinance Limited, the West Bengal based chit Fund Company, had submitted its reply to Justice MM Das Commission.

In its reply, the ponzi firm authority had urged the Commission to postpone the hearing relating to the scam citing the ongoing probe conducted by Central Bureau of Investigation (CBI) in to the scam.

The Commission however had rejected its plea.

The Commission which had identified a total 187 ponzi firms, had issued notice to as many as 36 ponzi firms to place their statements on small investors who had invested up to Rs.10,000 in their companies.

In the first phase, the Commission had identified small investors by verifying 27,976 affidavits which were received during the time period from August 22 to August 31 in 2013 while in the second phase it identified small investors after verifying 61,252 affidavits.

Subsequently, in the third phase the Commission issued notices to small investors after verifying 1,14,384 affidavits. Justice  MM Das Commission will submit another interim report to government very soon after the scrutiny of the affidavits.

As per reports, the state government had set up the Commission to probe the multicrore rupees chit fund scam in July 213 by appointing Orissa High Court’s retired Judge Justice P.K Patra.

After demise of Justice Patra, the State government had appointed Justice MM Das, another retired Judge of Orissa High Court as the head of the Commission.


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