Chit fund investors resent new guidelines of Finance dept

Bhubaneswar: The new guidelines framed by the Finance department for refund of chit fund money has been widely criticized.

As per the guidelines, the investors will have to file fresh affidavit with the competent authority after the court gives verdict on the confiscation of properties of the chit fund companies where they had invested their money.

Besides, there will be a fresh verification of the affidavits if there is a mismatch between the primary list of investors prepared by the Additional District Magistrate and the investors’ data base of the investigating agency.

Criticising the new guidelines issued by the Finance department, Arthika Sansthamananka Dwara Khyatigrasta Milita Manch, a body of investors, has questioned about the team announced by the state government for an on-the-spot identification of investors.

“How come after the ADM submits the data of the investors, the Inspector-in-charge (IIC) will again probe into the same? This is ridiculous. The tactics adopted by the state government is to ensure the ensuing Panchayat polls in its favour,” said Anuradha Subudhi, joint convener of the Manch.

“The government was earlier hoodwinking the people in the name of the Commission it has instituted. Now it is trying to fool them in the name of the Board it has formed recently”, she pointed out.

Decrying the new guideline, the Opposition political parties have said that the government is trying to fool the people through this new guideline.

“This is a very complex process. The hapless investors will not get their money. The manner in which the new guideline has been framed, it will take several years for the investors to get back their money,” said BJP leader Pratap Sarangi.

“Can a common man work as per the new guideline of the government? Can’t the government simplify the process? Why the investors will have to file fresh affidavit and why the state government is not examining the first affidavit the investors had filed before the chit fund commission of inquiry and make a final list?” asked senior Congress leader Niranjan Patnaik.

However, BJD spokesperson Pratap Jena said the new guidelines have been made to identify the fake investors and refund the money to the genuine investors through a simplified process.