Justice MM Das Probe Panel Serves Notice On Chit Fund Companies

Cuttack: Justice MM Das Commission of Inquiry, probing the multi-crore chit fund scam, has asked 576 chit fund companies to appear before it in the specified time frame through a public notice.

The Commission has issued the public notice to these chit fund companies as they have deliberately ignored its earlier orders.

The Commission, in a public notice through various local vernacular dailies, has directed 199 chit fund companies, who despite their address have ignored its directive, and the owners of 377 companies whose whereabouts are not yet known, to appear between April 15 and September 24.

The state government had set up a one-man commission of inquiry under 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 appointed retired Justice Madan Mohan Das to head the inquiry.

The Commission has, till date, recommended to the state government to refund money to small investors (who have invested Rs 10,000 and less) on a priority basis.

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.

The Commission will start the process of identifying large investors after identifying the small investors.

The Commissioner, however, has said that it will take another two-three years to identify the remaining small investors.

Identification of 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 had told journalists on February 12.

He had said that the Commission has in its sixth interim report identified 1,43,463 small investors.