Cong promises relief to 5.85 cr families affected by Pearls chit fund case

The Congress on Thursday expressed support for the 5.85 crore families affected by the Pearls chit fund case and promising that it will ensure payment to them with interest within six months if voted to power.

The party said it unequivocally and strongly condemns the injustice done to the families by Pearl Agrotech Corporation Limited (PACL) as well as about 12 crore victims of the various chit fund scams and it is taking a very serious view of this organised fraud.

The Congress said in a statement that within six months of government formation, the 5.85 crore families affected by PACL will be ensured payment with interest according to the February 2, 2016, decision of the Supreme Court. The party will also pass stringent laws to curb such scams which attack the right to dignity of each citizen, it said.

The statement came after Congress president Rahul Gandhi met with representatives of chit-fund affected groups at New Delhi.

The party said it has already commenced work on its pre-state election written undertaking given to the All Investor Safety Organisation (AISO) members in states of Chhattisgarh and Rajasthan where the local Congress governments have opened PACL help centres at the block-level to assist citizens with the online portal of SEBI and address their woes.

Further, Chhattisgarh has also decided to withdraw case registered against chit fund agents, the statement said.

The Congress also reassured the All Investor Safety Organisation that it will work closely with it to raise this issue at grassroots level as well as in Parliament to get justice for the PACL and other chit fund victims.

PACL also known as Pearl Group, which had raised money from the public in the name of agriculture and real estate businesses, was found by SEBI to have collected these funds through illegal collective investment schemes over 18 years.