Chit Fund

The Supreme Court will later this week hear the CBI's plea challenging the anticipatory bail granted to West Bengal cadre senior IPS officer Rajeev Kumar in the multi-crore Saradha chit fund scam case. A bench comprising Chief Justice B R Gavai and Justice K Vinod Chandran on Monday took note of the vehement submissions of Solicitor General Tushar Mehta, appearing for the CBI, and posted the matter on October 17 (Friday). The solicitor general submitted that the probe agency's plea be listed along with other pending petitions, including a contempt plea for broader understanding and consideration of the entire case. The bench posted the CBI's plea along with other pending cases on Friday. The senior IPS officer was granted anticipatory bail on October 1, 2019 and has not been called by the CBI for investigation even once during the last six years by the CBI, according to his counsel. Why should we keep this matter pending? You have done nothing during all these years, the CJI said.

The recoveries are part of the Chhattisgarh government's crackdown on the fly-by-night financial companies that duped people in the state

The searches were carried out on December 16, and 30 premises of the unidentified group, also engaged in real estate and finance business

The Chit Funds (Amendment) Bill, 2019 was passed by voice vote in Rajya Sabha

Last week Lok Sabha passed the Chit Funds (Amendment) Bill, 2019, amending the Chit Funds Act, 1982