Fast track court to hear chit fund frauds: Min

Bhubaneswar: Wary of the chit fund scams, the Odisha government on Saturday decided to dispose off these cases by a fast track court in the State for which special prosecutors will be appointed.

“The chit fund fraud cases will now be settled by a fast track court and the government will appoint special prosecutors to take up the cases. We’ll expedite the process to confiscate the properties of fraudulent companies and return depositors' money. Stringent action will be taken against whoever found guilty,” finance minister Prasanna Acharya said after convening a meeting of top officials.

The minister informed media that 176 people have been arrested so far for swindling money and 180 cases have been registered against 85 non-banking financial companies (NBFCs).

According to Acharya, the economic offences wing (EOW) of Crime Branch has registered 27 cases against 24 such companies for duping gullible investors to the tune of Rs 1575 crore.

Hopeful of getting soon President Pranab Mukherjee’s assent to the Odisha Protection of Interests of Depositors (in Financial Establishment) -2011 bill, Acharya said that the State government will then be able to recover the investors’ money and take punitive action against such offenders.

The meeting was attended among others by DGP Prakash Mishra, Home Secretary, Development Commissioner  and ADG (Crime Branch) BK Sharma.