Govt sets new ‘terms’ for chitgate panel
Bhubaneswar: Giving rise to the hope of thousands of poor people for getting back their hard-earned money invested in ponzi firms, the State government today issued new terms of reference (ToR) to the commission of inquiry probing the multi-crore chit fund scam in the State, to identify bona fide investors and suggest ways to return their money.
In its ToR, the government, expanding the probe of the Justice MM Das commission asked it to recommend modules to give back the money of small-time but genuine and poor investors.
“In the recently issued terms of reference, the government wants to know about the companies in which investments of poor people have been made. Besides, it has sought suggestions how to repay these invested amount from the corpus fund,” Justice Madan Mohan Das told our correspondent.
Notably, the State government has made a provision of Rs 300 crore towards corpus fund for the protection of interest of the depositors.
“Our recommendations will be easy once the data base of investors’ affidavits is completed,” he added.
As per the existing ToR, the commission was supposed to submit its recommendations to the State government on how to prevent such occurrences in the future. Besides, it was supposed to dig on the involvement of politicians and influential persons in the mega chit fund scam.
However, Das informed that of the 10 lakh affidavits received by the commission, about 1.5 lakh has been scanned and its data entry process is on.
“After getting a substantial figure in data base, we’ll be able to submit an interim report on to the government on the recommendation it has sought,” he said.
In February last, a lower court in an ex-parte ad-interim order had directed Cuttack ADM to sale through public auction the attached properties of Rose Valley group of companies and distribute the sale proceeds among the investors equitably.