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Chief Minister orders judicial probe into chit fund scam by HC sitting judge

 

OR Bureau May 30, 2013

Bhubaneswar: The Odisha Government has decided to appoint a judicial commission to inquire into the alleged frauds committed by the chit fund companies including Saradha, Artha Tatwa, Seaashore etc. A press release issued by the Chief Minister’s office here on Thursday said, “The Hon’ble High Court will be requested to spare the services of a sitting judge of the HC for this purpose.”

The terms of the reference of the judicial commission would be to:

1. Suggest measures to safeguard the interests of genuine investors affected by the recent incidents relating to the chit fund fraud.

2. 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.

3. 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.

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