Chit fund probe panel to identify small investors

Justice M M Das Commission of Inquiry, probing the unauthorised collection of public deposits in Odisha, has issued notices to at least 40 chit fund companies to appear before it in identifying the investors.
Among various terms of references, the Commission has been asked to identify the bona fide investors affected by the unauthorised financial transaction of fraudulent financial establishments and suggest the modality of payment of compensation to small investors from the Rs 300 crore corpus fund set up by the state government.
The Commission, with the help of the Companies, are now trying to identify those investors, who have put in less that Rs 10,000 in these fraudulent companies, so that compensations from the corpus fund could be provided to them.

Commission sources said the companies, which were operating both inside and outside of the state, have been issued notices in phased manner in the past fortnight and they have been asked to depose before it from the first week of September.