'Chit fund cos in C'garh duped investors of over Rs 343 crore'

Chhattisgarh government today informed the state Legislative Assembly that chit fund companies in the state have duped more than 46,000 investors to the tune of over Rs 343 crore in last four years.
State Home Minister Ajay Chandrakar gave this information while replying to a query raised by BJP MLA Devji Bhai Patel during the Question Hour.
Patel sought to know the number of chit fund companies against whom the state government took action in the last four years and whether any arrests were made in this connection.
In his reply, Chandrakar said, "Chit fund companies in Chhattisgarh had duped 46,092 people to the tune of Rs 3,43,02,59,305 inthe last four years."

A total of 159 offences had beenregistered against 79 unauthorised financial institutions, while 159 agents and 52 company officials/owners have beenarrested in connection with the fraud during this period, he added.
Of the 159 cases, police havecompleted investigation into 105 cases and had filed charge-sheet in thecourt, the minister said.

"Investigation is pending in 54 cases and policehave closed three cases, while one case was in the process of closure," he said.
However, Congress members created a ruckus over the issue alleging that the ruling party members are allowing such fraudulent companies to flourish.
"Several chit fund companies were inaugurated by cabinet members, including Chief Minister (Raman Singh)," Congress state chief Bhupesh Baghel alleged.

"People's confidence in such companies grows when they see ministers at the opening ceremony, and therefore they invest in them," Baghel said.
Refuting the charges, Public Works Department minister Rajesh Munat asked Baghel if he had any evidence to support his allegation, he should table it in the House.
Baghel also demandedthat a House committee probe should be conducted to unearth the facts.
Accusing the government of covering up the chit fund companies and seeking stringent action against the accused, Congress members later staged a walkout from the House alleging that thestate government was not paying heed to their demands.