Chit fund officials and agents held in Durgapur

Agents and officials of a “Chit Fund” company have been detained and taken into custody by Durgapur police.

Three agents and two officials of Chakra Multi-Estate Credit Cooperative Society – a chit fund agency, were taken into custody today and produced before the ACJM court in Durgapur following a complaint by the Sub Divisional Magistrate of Durgapur.

Police raided the company’s office in the City Centre area of Durgapur on last Sunday (01/12/2013) after the Burdwan district magistrate informed that the chit fund company was operating on the basis of a society registration and it doesn’t have valid license from the Securities and Exchange Board of India (SEBI), which is a prerequisite for mobilizing funds from public.

After the raids on Sunday. the company was given two days to produce valid business papers but it failed to do so.

Meanwhile CPI(M) today staged “Dharna: outside Parliament demanding action from the central government and order a CBI probe to look into the scandal, saying it had ruined the lives of lakhs of people, mostly from the economically weaker sections. The CPI(M) has also submitted an adjournment motion to seek a debate on the “fraudulent activities” of non-banking companies like Saradha Group in both Houses of Parliament.

After the outburst of the Saradha chit fund scandal it has virtually shook the Mamata Banerjee government in Bengal. Closeness of several key MLA and MP of Trinamool Congress with the Saradha group is now a matter of concern for the ruling party in Bengal.

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