Ponzi scam: panel submits interim report

Justice MM Das Commission of Inquiry on Tuesday submitted its third interim report to the Home Department in the multi-crore rupees chit fund scam.

Published: 26th July 2017 03:43 AM  |   Last Updated: 26th July 2017 12:26 PM   |  A+A-

By Express News Service

CUTTACK: Justice MM Das Commission of Inquiry on Tuesday submitted its third interim report to the Home Department in the multi-crore rupees chit fund scam. Secretary of the Commission, Debaraj Rout, handed over the report in a sealed envelope to Asit Tripathy, Special Secretary, Home Department at the Secretariat.

In its report, the Commission has reportedly identified 41,519 small investors after registering cases against 176 companies and conducting a thorough inquiry. The Commission has also recommended refund of their invested money to the identified affected small investors.
Out of more than nine lakh affidavits filed by investors/depositors, the probe panel has so far gone through 60,941 affidavits till the time of submission of third interim report.
In the fourth phase, the Commission will examine another 1,38,388 affidavits of investors of 342 companies, informed Justice MM Das adding that another 4 to 5 more interim reports would be required to complete the examination of all the affidavits.

The Commission is serving notice to the ponzi firms concerned in phases. After they appear before the Commission and clarify their stand, the probe panel will identify the duped small investors, he added.
Justice Das said during the course of inquiry, the Commission has been advising chit fund companies to refund money to depositors. Some of these companies have already refunded money to their investors. About 1300 small investors have been able to get their deposit back so far, he informed.

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