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Odisha chit fund scam: 15 more firms get notice from Commission


Cuttack: Justice Madan Mohan (MM) Das Commission, which was formed to probe multi-crore chit fund scam in Odisha, issued notice to 15 more ponzi firms in the fourth phase of inquiry.

The Commission will submit its next report to the government in December after verifying the fourth phase-affidavits about the small depositors (Investment upto Rs 10,000).

The notice was sent to Wellfare Building & Estates Pvt Ltd, Vision Technotrade Limited, Vision Industries Pvt Ltd, Weird Industries Ltd, Vibgyor Allied Industries LTD, R.S.R. Trade Link, Bharati Bio Producer Company, BA Life Insurance, Ashirwad Goat Rearing, ALR Group, Gitanjali Udyog Limited, Dynamic Habitat Private Limited, Dharitri Developers Limited, Creative Fund Management and Vaastav Alr International Limited. Most of the firms among the above are West Bengal and Andhra Pradesh based chit fund companies. The next hearing in the chit fund cases will take place in December first week.

On the other hand, the Justice MM Das Commission has identified 506 small depositors of Mimi Enterprises. Earlier, 10,037 small depositors of Flourish Development India Pvt Ltd and 1,660 of Astha International Limited were identified who had deposited amount in the firm being allured of high returns.

Besides, many depositors of other chit fund firms have been identified in the fourth phase of the probe. As most of the officials of the chit fund firms are not appearing before the Commission even after getting notice, the Commission is identifying the small depositors on the basis of the affidavits filed by the victims in absence of the company representatives.

Notably, the Commission had submitted its first interim report to the government on May 25, 2016 about the small depositors after verifying 26,976 affidavits filed between August 5, 2013 and August 21, 2013 in the first phase. The second interim report was produced on Feb 3, 2017 after verifying 61,252 affidavits filed between August 22, 2013 and August 31, 2013. The third report was submitted on July 25, 2017. The Commission will submit its fourth report to the government about small depositors in December.

Total 01,38,387 affidavits filed between Sept 13 and Sept 17, 2013 have been verified so far in the fourth phase of inquiry.

Also Read: Another 20 chit fund firms get notice in Odisha