Govt protecting chit fund companies: YC

Says it will soon launch SIC gherao programme

Raipur, June 04, 2013

The Youth Congress (YC) on Tuesday alleged that the government was protecting chit fund companies and deliberately stalling action against them. 

“The police are forwarding all complaints pertaining to chit fund companies to special investigation cell (SIC) but the latter is not taking action against them. The cell says it will take action only when the victims will approach it directly. Evidently, the chit fund companies have nexus with SIC officials,” charged state YC general secretary Milind Gautam and YC’s Raipur Lok Sabha president Sunil Kukreja. 

“The glairing example is of HBN chief fund company whose case is pending with the SIC for a long time. In the past, we have lodged complaint with Rajendra Nagar police station against this company but no action has been taken against it by far. The police should have rather imposed certain sections under IPC on the company and closed down its operations but unfortunately they are non-serious towards illegal banking business,” they said.

“Considering the cell’s attitude, the YC has decided to launch SIC gherao programme in coming days,” they said.

The duo informed that the people had invested over Rs 5000 crore in chit fund companies in last 7-8 years. 

“The investors are farmers, labourers and low income grade people, who in temptation of getting double of their deposited money in 5-6 years, become victim of these companies,” they said.  

The country is also incurring massive revenue loss due to chit fund companies as the money, which should be deposited in banks authorised by Reserve Bank of India (RBI), is being deposited in these illegal banking firms,” they added.

Demanding high-level probe into all chit fund companies of state, the duo said scam wroth ten times of Indira Priyadarshni Bank scam would come to fore if probed transparently.