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SC orders Odisha govt to file status report on chit fund scam probe


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OST Bureau

New Delhi, Sep 10:

The Supreme Court on Monday ordered the Orissa government to file a status report on the investigation of chit fund scam involving at least 153 operators. The matter, filed as a public interest litigation, arises from losses caused to investors by chit fund operators who allegedly did not have the requisite clearances.

The case spans five states including Maharashtra, Gujarat and West Bengal, the petitioner’s lawyer, Suresh Chandra Tripathy said.

Claiming that the loss is to the tune of Rs 25,000 crore, Tripathy said the petition demands a probe by the Central Bureau of Investigation (CBI). The court had already asked the CBI if it was willing to look into the matter and the federal agency has responded in the affirmative, Tripathy said.

The bench, headed by justice T.S. Thakur, gave the state government two weeks’ time to respond despite requests by the state government’s  counsel , Gopal Subramaniam, that four weeks be granted for the filing of the reply.

( with inputs from Live Mint )