Ponzi schemes: HC wants WB govt to facilitate return of money

The Calcutta High Court today said that it expects the West Bengal government to perform its sovereign duty in facilitating return of money to investors affected by several ponzi schemes as it had done in the case of sufferers in Saradha chitfund scam.
Adjourning the hearing of a PIL till next Wednesday on a plea by Advocate General Jayanta Mitra for taking instructions from the state government, a division bench comprising Chief Justice Manjula Chellur and Justice Joymalyo Bagchi said that the court expected a positive response.
Mitra in his submission said that he had been handed over the matter by the state only a day back and as such would like to come back only after getting detailed instructions.

The Chief Justice said that the Justice (retd) Shyamal Sen Commission for repaying investors in Saradha ponzi schemes was formed by the state government and "we appreciate that".
Justice Chellur said that the court expected voluntary action on the part of the state in case of other companies also.
The court said it expects the state to perform its sovereign duty as it had done in the case of Saradha scam.

The bench suggested that a commission may be formed to identify assets held by these companies, including MPS Group, and conduct sale and find modalities to repay the investors.

The matter would be heard again on Wednesday.
A section of investors in MPS Group had filed a PIL seeking an order for repayment of the money invested by them in the chit fund company.
Investors in some other such companies also moved petitions before the court seeking similar relief.