Justice M M Das

By Bizodisha Bureau, Bhubaneswar, July 14, 2018: Justice M M Das Commission, probing the multi-crore chit fund scam, on Friday submitted its fifth interim report to the Odisha government. The State Government had formed the Commission of inquiry on July 9, 2013.

The Commission, in the fifth-phase verification of 2,52,000 affidavits, has identified about 50,000 small investors (Rs 10,000 or less) and issued notice to 486 chit fund companies.

During the probe, the panel identified 7,734 duped investors of Seashore Group, 2,365 of AT Group, 2,965 of Astha International, 6,158 of Navajyoti Realty India Ltd, 2,434 of Sedil Development India, 2,351 of Prayag Group of companies and 1,229 depositors of Shelter Group.As many as 174 duped investors were able to get back the invested money during the course of fifth phase inquiry, official sources said.

The Commission had submitted its first interim report on May 25, 2016, after verifying 26,976 affidavits. The process for sixth phase interim report has already begun, Justice M M Das said adding that the Commission had a very hard time to serve notice to chit fund firms at their addresses.

The Commission has so far identified 1,16,504 small investors and recommended for refund of money of the small investors on a priority basis.

It may be recalled that the state government had set up a Rs 300-crore corpus fund in 2013 to refund small depositors. Acting on the advice of the Commission, some of these companies have already refunded money to their investors and 1485 persons have got their deposit back so far.

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