VIJAYAWADA: Revealing that they found several irregularities during the recent inspections carried out at 35 chit fund companies in the State, Registration and Stamps IG and Commissioner V Ramakrishna on Friday said every measure would taken to safeguard the interests of people by initiating action against the errant firms.
He asserted that as per the Chit Funds Act, every chit fund company must submit all the details, including assets, liabilities, expenditure, receipts, investments and reserved funds to the government every year.
Speaking to mediapersons on the sidelines of a workshop for the officials, Ramakrishna said there are 587 branches belonging to 423 chit fund companies across the State with an annual turnover of `638.99 crore. A total of 6,868 chit groups are operational with 2.48 lakh customers.
The workshop was organised to sensitise the people on the chit-fund companies and also to make the officials aware of the issues. Expert auditors and forensic auditors will be appointed as consultants or advisors to guide the Registration and Stamps staff in verifying the accounts of chit-fund firms, the IG explained.