Home ECONOMY Odisha govt to intensify drive against illegal fund collection

Odisha govt to intensify drive against illegal fund collection

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Odisha Sun Times Bureau
Bhubaneswar, Feb 28:

The Odisha government has decided to step up measures to curb illegal fund collection activities in the state.

CHIT FUND SCAM

A decision to this effect was  taken at a meeting of the State Level Coordination Committee (SLCC) presided over by chief secretary GC Pati at the Reserve Bank of India (RBI) premises here on Friday.

The meeting decided that the Registrar of Cooperative Societies will monitor the implementation of the order of the Central Registrar of Cooperative Societies prohibiting Multi-State Cooperative Societies operating in the state from accepting deposits from nominal members.

A robust (Management Information System (MIS) mechanism will be developed in the state so that information regarding unauthorized collection of public deposits by fraudulent companies can be generated from the grassroots level.

Apart from this, an overall strategy will be developed for creating mass public awareness by involving all concerned agencies like RBI, SEBI, NABARD, Economic Offences Wing (EOW) and other government departments which will include preparation of quality publicity material for awareness campaign, training of trainers, distribution and dissemination of information on unauthorised collection of public deposits and strengthening of enforcement mechanism in the state.

Members of the committee, including additional chief secretary, Finance, regional director, RBI, Bhubaneswar, regional director (Eastern Region), SEBI, principal secretaries of Home and Law departments, ADG, Crime Branch, director, Institutional Finance, Registrar of Companies and representatives of Institute of Chartered Accountants of India (ICAI) were present at the meeting.

It may be mentioned that the SLCC meets every three months to discuss the overall strategy for gathering market intelligence on unauthorised collection of public deposits and formulating ways to take coordinated action against such unscrupulous entities by all regulators and law enforcing agencies.

It also formulates strategy on creating public awareness about the risks involved in depositing money with various unauthorised and fraudulent entities.