MM Das commission submits 5th interim report on chit fund to govt

  • | Friday | 13th July, 2018

These duped investors have invested money in 290 chit fund companies.The commission has recommended the state government to refund money to the identified small investors. Sources at the commission said when chit fund companies appear during hearing of cases, the commission urges them to refund money to the poor people. It will take one or two more reports to identify all the small investors," said Justice Das. "The state government has started the process of refunding money to the duped investors from its corpus fund, formed for the chit fund victims. "In pursuance of our order few companies have refunded money to the duped investors and submitted documents.

CUTTACK: The MM Das commission, probing into the multi-crore chit fund scam in the state, on Friday submitted its fifth interim report to the state government.The commission has provided details of at least 1,01,850 small investors( who have invested less than Rs 10000 in the Ponzi firms) in his voluminous report. Sources said the 12530 pages report provides all details of the identified small investors so that state government will not face any problem in identifying and providing refund of their money. These duped investors have invested money in 290 chit fund companies.The commission has recommended the state government to refund money to the identified small investors. "The state government has started the process of refunding money to the duped investors from its corpus fund, formed for the chit fund victims. The report will help government in ensuring proper refund to the victims," said an official of the commission.The commission has also apprised the state government that so far at least 1485 small duped investors have got refund of their money due to the initiative of the commission. Sources at the commission said when chit fund companies appear during hearing of cases, the commission urges them to refund money to the poor people."In pursuance of our order few companies have refunded money to the duped investors and submitted documents. After verifying the documents, the list of the investors who have got their money back have been prepared," said Justice Das.Since its inception in 2016, the commission has submitted five interim reports to the state government and so far it has managed to identify 2,18,354 small investors after examining the lakhs of affidavits received by it."We have already started work on preparation of the sixth interim report. It will take one or two more reports to identify all the small investors," said Justice Das. Officials said after completion of the identification of small investors which is its priority, the commission will submit a special report recommending the state government about the measures to avoid rerun of such chit fund scam in the state.

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