Cabinet nod to probes, one to find ways to return money

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SummaryOne of the main jobs of the Justice Shyamal Sen Commission that was set up on Tuesday following cabinet approval will be to decide ways on how to return the money of the thousands of investors of Saradha Group that went broke.

One of the main jobs of the Justice Shyamal Sen Commission that was set up on Tuesday following cabinet approval will be to decide ways on how to return the money of the thousands of investors of Saradha Group that went broke.

The notification for setting up of the five-member commission, including its chairman, was issued in the evening today.

The cabinet in its meeting today approved the setting up of the commission under the Commissions of Enquiry Act, 1952.

The terms of reference of the commission are as follows: n Receiving of complaints of any kind of fraud involving any company in the non-banking financial sector, particularly the Saradha Group and send them to the four-member Special Investigation Team headed by DGP Naparajit Mukherjee. The government will notify other members of the SIT tomorrow.

To identify those who committed the fraud.

To give directives to the SIT. n To find out what were the means and methodology used by the company to attract the investors, collect their money and swindle them ultimately.

To find out how much money was involved.

To ascertain the assets and liabilities of the company.

How to return the money of the investors by disposing of the company’s property or any other means.

To recommend ways on how to prevent such frauds.

The commission will have to submit its report within six months. But it has the liberty to submit an interim report.

The finance department will act as the nodal agency of the commission that will be housed at Indira Bhavan at Salt Lake. “We will notify the names of other four members in a day or two, an official of the Home Department said.

CM tells ministers to take the wind out of opposition’s sail

At Tuesday’s cabinet meeting, Chief Minister Mamata Banerjee reportedly advised her ministers to remain vigilant and take on the opposition by telling people on the “measures taken by her government to safeguard interests of the depositors.” “The social tension can even trigger a riot and so you will have guard against all the evil designs of the opposition,” she reportedly said.

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