HC directs SFIO to further probe Tower Infotec chit fund scam

The Calcutta High Court Monday directed the Serious Fraud Investigation Office (SFIO) to continue investigations into allegations that Tower Infotec, a Kolkata-based company had violated legal provisions of SEBI.

The SFIO, which comes under the Ministry of Company Affairs, is probing into the allegations that Tower Infotec had collected money from public without taking permission from concerned authorities.

Delivering the order, Justice Sanjib Banerjee asked SFIO to file an interim report by December 6 and also directed Tower Infotec to furnish details of its immovable properties to SEBI by December 6.

It also asked SEBI to publish an advertisement about the depositors claim with the assistance of the state chief secr

etary, and directed the company to bear expenses of the advertisement.The court also asked chief secretaries of Jharkhand, Orissa, Bihar, Sikkim and Assam to co-operate with SEBI in publishing the advertisement in the their states.

A government counsel said the government will verify the documents submitted by the depositors about their investment with the company before handing it to SEBI.