June 4, 2014

Odisha Channel Bureau Bhubaneswar: The noose is slowly tightening around many chit fund companies operating in Odisha with the Central Bureau of Investigation (CBI) registering as many as 43 cases against them.According to sources, the cases had been registered against the companies, their managing directors and directors on the allegations of cheating, criminal breach of trust, conspiracy and violation of various laws.The CBI had taken up investigation into the cases relating to the chit fund scam after the Supreme Court of India ordered for the CBI probe into the scam in Odisha and West Bengal.The apex court had passed the orders while hearing several public interest petitions seeking a though probe into the scam that caused severe financial distress to thousands of small-time investors in Odisha and other States.The Special Investigation Team set by the CBI to investigate into the multi-crore scam involving many companies that operated in Odisha has also registered three cases against the Saradha Group of Companies that allegedly cheated large number of investors in Odisha, West Bengal and other States.In Odisha, the chit fund companies that had come under the CBI scanner following the Supreme Court order, had allegedly developed a good rapport with politicians belonging to different political parties, including the ruling Biju Janata Dal.Some of these companies had also launched media ventures to project a good image before the people whom them cheated by collecting huge amounts of money through a well-organised fund collection network across Odisha.The cases relating to the scam was initially being investigated by the Odisha police and the State police had recently handed over the papers pertaining to the cases to the CBI.The Naveen Patnaik Government had also set up an inquiry Commission to probe into the chit fund scam.Affidavits were received by the Commission from lakhs of people alleging that they had been cheated by the companies that managed ponzi schemes.

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