Naveen raises ponzi issue at CMs meet

Criticised from different quarters for allegedly failing to curb ponzi schemes in the state, Odisha Chief Minister Naveen Patnaik asked the Centre today to expedite presidential assent to the bill passed in the Assembly to safeguard the interest of depositors.
Patnaik raised the issue at the conference of Chief Ministers on internal security in New Delhi during the day, a release issued by the Chief Minister's Office (CMO) here said.
"This (presidential assent) will provide necessary legal framework to the Economic Offence Wing (EOW) of the state, which has taken up investigation of a number of financial frauds relating to money circulation schemes," he said.

The Odisha Protection of Interest of Depositors Bill-2011 passed by the Assembly is awaiting presidential assent, the Chief Minister said adding, the Union Home Ministry should expedite the process to ensure it.
It would help the investigating wing to confiscate properties of fraudulent companies, he added.
Odisha Finance Minister Prasanna Acharya, who is accompanying the CM, told PTI over phone that the state government would be able to return money to the people if it becomes legally eligible to sell properties of chit fund companies.
Unless the Bill gets the presidential assent, the state government will not be able to take required actions against the culprits, he said.