Odisha govt to order judicial probe into chitfund scam

The Odisha government today decided to appoint a judicial commission to inquire into the frauds committed by ponzi scam companies and the role of influential persons, including politicians, in it.
The High Court will be requested to spare the service of a sitting judge of the High Court for the purpose, a release issued by the Chief Minister's Office (CMO) said.
The commission will be asked to submit its report in three-month time, it said, adding that it would inquire into the activities of ponzi companies including Saradha, Seashore, Artha Tatwa and others.
The commission would probe and bring out the involvement of influential persons, including politicians, bureaucrats and other sections of the society, if any, in protecting or promoting fraudulent chit fund companies.

The commission would also suggest measures to safeguard the interests of genuine investors affected by the recent incidents relating to the chit fund frauds.
It would also suggest safeguards for future to ensure financial security for the genuine investors and prevention of such problems in future, it said.
Opposition Congress has termed the state government's decision to appoint a judicial commission as an "eyewash" and demanded the setting up of a special investigation team (SIT) to probe the multi-crore rupees scam.
"The state government knows it well that a sitting High Court judge cannot be spared for any commission of inquiry as per a Supreme Court judgement. The state government's request to the High Court is, therefore, nothing but an attempt to buy time," Congress leader and former law minister Narashingha Mishra said.