Man Held for Chit Fund Fraud

In yet another crackdown, the shadow police on Tuesday nabbed a person for allegedly duping several people by operating a fake chit fund company. The arrested person is Antony Koshi, 35, Kilooor House, Palluruthy. According to police officials, the accused was operating a  chit fund company  called the Mullackal Chits Private Limited at Ranni in Pathanamthitta.

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.

SC notice to Centre over chit funds

NEW DELHI: The Supreme Court on Tuesday issued notices to the Centre, market regulator Sebi and Reserve Bank of India on a PIL seeking activation of a stringent regulatory mechanism to control activities of mushrooming of chit funds, many of which dupe investors of their life's savings.

Odisha starts attaching chit fund group's properties

The Crime Branch police have submitted a proposal to the state government seeking interim orders for attaching money and properties of the Seashore Group, comprising many companies, over the multi-crore-rupee chit fund scam.
The proposal has been submitted under the Odisha Protection of Interests of Depositors (in Financial Establishments) Act, 2011, which received presidential nod in August, Rajesh Kumar, deputy inspector general, economic offences wing (EOW) Crime Branch, told IANS.

11.5 kg gold stolen from chit fund firm

In a major robbery, around 11.5 kg gold and Rs 6 lakh in cash were stolen from the lockers of a chit fund company office in Madhira town in the early hours of Friday. 

According to sources, masked miscreants gained entry into the office by removing the window grills, broke open two lockers and decamped with the huge quantity of gold and cash all worth about Rs 3.50 crore.

Cheated chit fund investors approach police

About 30 investors approached Superintendent of Police R. Ponni on Tuesday and submitted a petition complaining that a private chit fund operator had cheated them of several lakhs of rupees and escaped.

Two chit fund operators go missing

Over 100 depositors in Karur lose their money; police promise to track down the culpritsPolice are on the look out for two persons from Karur who ran a chit fund firm but fled by the night without retuning the money collected from depositors. Hapless depositors preferred a complaint with the Superintendent of Police Santhosh Kumar who assured them that prompt action would be taken against the defaulters.

Chit fund probe panel seeks six months extension

The Justice R K Patra commission of inquiry, constituted to probe illegal collection of money by chit fund companies has sought an extension for six months for completing its investigation.
The one-man commission has written to the state home department to extend its tenure.
Sources said, the commission has received about 6,00,000 affidavits as on September 28 and urged the state government to appoint three lawyers for scrutinizing the affidavits. With the increasing number of affidavits already received, the commission's tenure has been extend four times.

ATCR case kingpin Ravindra Deshmukh scheming again?

Ravindra Deshmukh, who is wanted in 45 cheating cases and is the kingpin of the muti-crore Aryarup Travel and Club Resort (ATCR) fraud, has yet again come up with an investment scheme. He is urging people to invest money in his scheme promising lucrative returns.The state criminal investigation department (CID) which is probing the ATCR cheating cases, has found that Deshmukh has recently started a new website called ‘dawn2u.com’. On the website, he has promised to give 30 per cent extra returns within three months for any investment.

Odisha Government decided to set up four designated court to hear Chit Fund case

Odisha Government decided to set up four designated courts where chit fund cases will be tried. The government has already framed rules as per the law and taken decision to establish four designated courts at Bhubaneswar, Balasore, Sambalpur and Berhampur.
The Odisha Protection of Interests of Depositors (in Financial Establishment) -2011 Act, which received the assent of the President of India on August 13, this year, empowers the state government to initiate punitive action against the offenders.

Bihar brings tough law to deal with dubious chit fund companies

In a bid to tighten the noose around dubious Non Banking Finance Companies (NBFC) and chit fund companies, the state legislative assembly today amended Bihar Protection of Interests of Depositors (Financial Establishment) Act, 2002.
The amendment bill was tabled today in the state assembly by minister in charge Vijay Choudhary and passed after an intense debate.
"Due to loopholes of the earlier act many such companies used to escape the noose.

RBI increases efforts to track 'chit fund' schemes

In an effort to control what has been dubbed the Indian 'chit fund' scam, the Reserve Bank of India has started scrutinising some 3,000 companies that the central bank thinks could be carrying out non-banking finance operations without requisite registration.The central bank's move comes in the backdrop of the government's efforts to crack down on entities which raise money from small investors with promises of unrealistic returns.

CHIT FUND: RAHUL BRIGADE DEMANDS CBI INVESTIGATION

The All India Rahul Gandhi Brigade State unit on Monday staged a demonstration in front of the State Assembly and submitted a memorandum to the Governor demanding a CBI probe into the chit fund scams in the State.Led by State unit general secretary Baby Tabassum, the activists blasted the State Government for not showing any interest to refund the money of investors.

Rs 300-crore fund too little to help chit fund victims

BHUBANESWAR: Pradesh Congress Committee President Jayadev Jena on Thursday reacted on Chief Minister Naveen Patnaik’s declaration of Rs 300 crore of corpus fund for the duped 20 lakh chit fund investors in the State.Jena alleged that there is a mega chit fund scam involving 20 lakh families who have lost their financial strength totally and the State Government has made a very low corpus fund to repay them.

Seashore Group into Diamond Trade - EOW

BHUBANESWAR: The Eco­nomic Offences Wing, which is investigating the financial fraud by Seashore Group, has found that the company was also into diamond busi­ness. Seashore chief Prashant Dash, who was arrested from Mumbai last month, fre­quented the Western Indian States in connection with its diamond business too. He had visited Surat apart from operating out of Mumbai.

EOW seeks cancellation of seashore deal with Idco

Tightening the noose around the Seashore Group, the Economic Offences Wing has sought cancellation of its lease agreement with Industrial Infrastructure Development Corporation (Idco) for a 100- acre land in Nabarangpur district.The company had taken on lease the land for setting up of a maize processing unit in Umerkote block of the southern district. It had also deposited Rs 60 lakh towards security deposit.

1,000 Silver Coins of Seashore Seized

In a significant haul, the Economic Offences Wing (EOW) seized a quintal of silver, in form of coins, belonging to Seashore Group from a private bank’s locker here on Saturday.Following disclosures made by company’s chief Prashant Dash during the recent interrogations, the EOW traced the locker to the private bank’s Cuttack Road branch. It was broken open by the sleuths on Saturday evening and 1,000 coins, each weighing 100 grams, were found. The company’s name was engraved on the coins. The current value of the seizure is estimated at about `45 lakh.

Odisha Congress to help chit-fund victims

The Odisha unit of the Congress Friday said it would provide free legal help to people who have been cheated by chit-fund operators.State Congress president Jayadeb Jena said an estimated 20 lakh people in Odisha have invested their hard-earned money in schemes run by various non-banking financial institutions (NBFI) in the state but did not get back the money which was promised to them.

Cong flays Naveen for mining, chit fund scams

The Congress party on Thursday launched a scathing attack on the Biju Janata Dal (BJD) supremo and Odisha chief minister Naveen Patnaik for various malaises afflicting the state.
"He has failed as a chief minister. Just having a good image is not enough. There are serious allegations against his government and ministers," said the AICC (All India Congress Committee) general secretary in-charge of Odisha, B K Hariprasad.

Chit Fund Scam: 15 Arrested in Odisha

Fifteen people including the chief managing director of a chit fund company were arrested today in Balasore district for duping investors through illegal money circulation, police said.
Among those arrested include CMD of Mid-East Group of Companies, Debesh Kumar Nayak, Vice-President Ratikant Tripathy and three founder members of the firm, Inspector In-Charge of Balasore town police station, Umesh Gadnaik said.
All the accused were produced before the sub-divisional judicial magistrate who sent them to jail for two weeks.