Somaiya urges Centre to take action against unregulated chit fund firms in Maha

He said there have been cases of suicide among the people who had invested in these companies

A BJP member today asked the Centre to take action against unregulated chit fund companies in Maharashtra, charging the state government with inaction in acting against chit fund companies which were allegedly duping thousands of small investors.

"Around ten lakh small investors, including farmers, workers and middle class people, have been duped by these unregulated chit fund companies and the scam is estimated to be worth Rs 10,000 crore," Kirit Somaiya said during Zero Hour in the Lok Sabha.

He said these small investors were spread across Maharashtra, in places like Nashik, Jalna and Aurangabad and there have been cases of suicide among the people who had invested in these companies.

Observing that vulnerable people out to make a quick buck were falling victims of these ponzi schemes and the promises made by the fly-by-night firms, he said, "The state government has not paid any attention to the problem and taken no action against these fraudulent chit fund companies."

Somaiya urged the Centre to take expeditious action against these firms to save the small investors from distress.

Referring to the recent molestation of a Spanish tourist in Delhi, CPI(M) member P K Sreemathi Teacher raised the issue of growing incidents of sexual assault against women across the country and sought exemplary punishment against the culprits by fast-track courts.

"I am forced to raise this issue following the July 11 assault on the Spanish tourist in the Lodhi Gardens of Delhi. She was molested in full public view. Earlier too, a Dutch woman was raped in Delhi," she said.

Fast-track courts should be set up in states to deal with this growing menace and award stringent and deterrent action against the culprits, the CPI-M member said.