Judicial probe ordered into chit fund scam
The Commission will look into three aspects during probe. While it will suggest measures to safeguard the interests of genuine investors affected by the recent incidents relating to the chit fund frauds, the Commission will probe and bring out the involvement of influential persons including politicians, bureaucrats and other sections of the society, if any, in protecting or promoting fraudulent chit fund companies.
Besides, it will also suggest safeguards for future to ensure financial security for the genuine investors and prevention of such problems in future.
The Government will request the Commission to submit its report in 3-month time.
On May 27, police had arrested one Jagabandhu Panda, a former director of Artha Tatwa (AT) group in connection with the Rs 500 crore financial scam in the money circulation company.
Prior to this, the police had taken into custody AT group CMD Pradip Sethi and Srikrushna Padhi, a member of the Board of Directors of the group for allegedly duping thousands of gullible investors across the state.