By Bizodisha Bureau,, Bhubaneswar, March 12, 2017: Justice Madan Mohan Das Commission, constituted under the Commission of Inquiry Act, 1952 to probe into the multi-billion chit fund scam has served notice to over 50 chit fund firms following verification of the third phase affidavits.

The commission issued the notice to the chit fund firms including Basundhara Green Power, Alpine Fincorp, Micro Leasing & Funding, Milan & Milan International, Mas Future Captital Trading(P) Ltd, Little Garden Estates and Construction Pvt. Ltd, Lakshya India Points / Lakshya Level Marketing Pvt. Ltd etc allegedly involved in cheating the small investors. The Commission verified more than1.14 lakh affidavits filed between September 2 and 12, 2013 in the third phase.

In the notice, the Commission has asked the chit fund firms to make their stand clear on the deposits by the investors in their firms.

Earlier, the notice was served to AT Group, Seashore, Sarada, Astha Group of Companies and Rose Valley in the chit fund scam.

The hearing of the chit fund cases will take place in May and June this year.

Meanwhile, several chit fund firms’ directors have been arrested and lodged in several jails for allegedly duping the investors across the country.

The Commission appointed by the Odisha government has been asked to identify the individual and entities who have indulged in unauthorised collection of public deposits in the state of Odisha, prove and bring out involvement of influential person, bureaucrats and other sections of society, if any, in protecting or promoting such illegal activities, suggest measures to safe-guard the interest of genuine investors and safeguard measures to ensure financial security for the genuine investors and prevention of such problems in future.

In yet another notification issued on February 20, 2015, the state government has asked the Commission to identify the bona fide for compensation and the amount of compensation payment from the corpus Fund set up by the Government for the purpose.