Home ODISHA LATEST Odisha chit fund scam: CBI rejects ponzi firms’ money refund idea

Odisha chit fund scam: CBI rejects ponzi firms’ money refund idea


Odisha Sun Times Bureau
Bhubaneswar, Sep 16:

The CBI has replied in the negative to a notice issued by Justice R K Patra Commission seeking views of the central investigating agency on the petitions filed by some chit fund companies expressing their willingness to pay back money to the depositors.

The offices of these companies have been sealed and their bank accounts, frozen.
CBI today said evolving a mechanism to facilitate the refund investors’ money at the current stage of the investigation would hamper the probe.

The Commission, headed by Justice (retd) R K Patra, had last month asked for CBI’s response to applications filed by chit fund companies wishing to return the investors’ money.

While two companies GLPD Land Developers and Golden Land Developers had in their petitions prayed before the Commission that they be allowed to open their offices and defreeze their accounts to return investors’ money, another ponzi firm Rose Valley had appealed to the Commission to evolve a mechanism to refund investors’ money.

Justice Patra told reporters that the CBI in its response today said “It will affect depositors’ interest as well as the investigations”.

The state government in July 2013 had appointed retired Chief Justice of Sikkim High Court Justice R K Patra to head the one-man panel to identify individuals and entities who had indulged in unauthorised collection of public deposits in the state.

The Commission has till date scrutinised 4.5 lakh affidavits filed by chit fund companies’ investors.