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  1. Maharashtra mulls action against bogus chit fund firms under MPID Act

Maharashtra mulls action against bogus chit fund firms under MPID Act

Chit fund companies operating in Maharashtra have come under the scanner of the state government which is considering to take strict action...

By: | Mumbai | Published: June 21, 2015 12:10 AM

Chit fund companies operating in Maharashtra have come under the scanner of the state government which is considering to take strict action against these dubious establishments to recover investors’ lost money.

Chief minister Devendra Fadnavis has called a meet of Sebi officials, the Enforcement Directorate and police officials to take a final decision in this regard.

On June 9, BJP MP Kirit Somaiya had submitted a list of 162 companies to the Security Exchange Board of India (Sebi) and Fadnavis in connection with the matter.

On action by the state government after the submission of the companies’ list, Ranjeet Patil, minister of state for home (urban) said, “The state government is considering to take strict action against chit fund companies and hence chief minister has called a meeting next week.”

Somaiya had claimed that the bogus chit fund companies have duped investors in the state to the tune of R40,000 crore. After his submission of the list, Fadnavis had asked additional chief secretary of the home department to probe into the issue.

“We have a challenge before us to recover the huge investments of small investors that are stuck in sealed bank accounts of bogus chit fund companies. We have also seized properties of such companies and some chit fund companies continue to operate their businesses,” Patil said.

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