Chit Fund

ED freezes 182 bank accounts, seizes ₹1 crore in chit fund scam probe

The Enforcement Directorate (ED) has frozen 182 bank accounts and seized more than Rs 1 crore in cash and six high-end cars during a raid in connection with Rs 2,000 crore multi-state chit fund scam, officials said on Tuesday. In a post on X, the ED said its Bhubaneswar Zonal Office has conducted search operations under the Prevention of Money Laundering Act, 2002 (PMLA) on August 5 at five premises linked with Wellfare Buildings and Estates Pvt Ltd (WBEPL) and its directors at Visakhapatnam and Hyderabad in connection with the investigation in the chit fund scam. The raids were conducted on the premises of ex-Andhra Pradesh MLA Malla Vilaya Prasad, Varaha Ramakrishna Satya Sinivasa Rao Alla and others, it said. During the raid, cash in Indian currency amounting to Rs 1.01 crore along with various movable and immovable properties, incriminating materials/documents (property documents, various digital devices) related to WBEPL, its directors and related entities were recovered and ..

Chit fund scam: SC to hear CBI plea against pre-arrest bail for IPS Rajeev

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.

Crackdown on chit fund companies gathers pace in Chhattisgarh

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

IT raid on chit fund group finds Rs 250-crore illicit cash transaction

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

Parliament clears chit fund Bill: Monetary limits, commissions to go up

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

Chit fund cos go tech-savvy with huge data at stake on getting legal status

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