Investors Seek Action into Chit Fund Fraud

Published: 12th April 2015 06:00 AM  |   Last Updated: 12th April 2015 03:31 AM   |  A+A-

BELAGAVI:  People of Balangir and Nuapada districts, who invested their money in a chit fund company Vista Management Services Ltd, have sought Chief Minister Naveen Patnaik’s intervention into the financial fraud committed by the firm. The company closed down last year after collecting `40 crore from investors against various schemes.

A group of 50 investors have recently sent letters to Naveen, the Economic Offence Wing, Securities and Exchange Board of India, Collectors of Balangir and Nuapada districts, demanding a high level probe into the fraud.

They said the company that was started in 2008, cheated them by floating attractive schemes that were advertised through brochures containing pictures of important political leaders. Although the company closed down after police raids in December, the investors are yet to get their money back. They alleged that all the certificates, bonds and notarised agreements provided by the company are forged.

Leader of Opposition Narasingh Mishra alleged that the State Government is doing nothing to return the hard earned money of people, which has been fraudulently acquired by chit fund companies.

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