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Chit Fund Probe Panel Seeks More Time To Identify Small Investors 

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Home Uncategorized

Chit Fund Probe Panel Seeks More Time To Identify Small Investors 

by OB Bureau
February 12, 2019
in Uncategorized
Reading Time: 1 min read
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Bhubaneswar: Submitting its sixth interim report to the Odisha government, the Justice M.M. Das Commission of Inquiry, probing the multi-crore chit fund scam, on Tuesday said that it will take another two-three years to identify the remaining small investors.

“Identification of the small investors is underway. As of now, we have identified about 50 per cent small investors and it will take at least two-three years to identify the remaining investors,” Justice Das told mediapersons here.
He further said that the Commission, as per its sixth interim report, has identified 1,43,463 small investors.

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“Taking the total number of small investors, including the number in its sixth interim report, the Commission has identified 3,61,817 small investors. Besides, about six lakh small investors have filed affidavits. I am getting these digitised at the earliest. After the digitisation, identification of the genuine investors will be easier and faster,” Justice Das pointed out.

He said after identifying small investors, the Commission will start the process of identifying large investors.

The state government had set up a one-man commission of inquiry with Justice R.K. Patra on July 9, 2013, for verification and return of deposits collected by different Ponzi firms.

Following the death of Justice Patra, the government in February 2015, had appointed retired Justice Madan Mohan Das to head the inquiry.
The Commission, till date, has recommended to the state government to refund money to small investors (who have invested Rs 10,000 and less) on a priority basis.   

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