Bhubaneswar, Jan 18: Justice M M Das Commission of Inquiry, which is probing the multi-crore rupee chit fund scam in State has served show cause notices on six chit fund companies to refund the money collected from small investors.
The Commission has asked Managing Director of Welfare Buildings and Estates Ltd Bijay Kumar, Director of Utkal Financial and Consultancy Private Ltd C Nayak, Stock India’s Lokeshwar Dev Jain and Priyanka Saraswati Devi, Shine India’s Gurupada Das, Director of Simanchal Multi-purpose Cooperative Ltd Simanchal Das and National Multi-purpose Self-help Cooperatives Nabin Acharya to reply by March 11 as to why they should not refund the money to the small investors who have deposited up to Rs 10,000 in their companies.
Sources said, the Commission also heard the case on refund of deposit money of small investors by another chit fund company, Prayag Infotech.
The company informed the Commission that they have already refunded the principal deposits to over 700 investors and sent cheques towards payment of Principlal deposits to 150 investors on Saturday.
They also informed the court that the company had taken steps to refund the deposits of the remaining investors.
Notably, out of a total of 8.17 lakh affidavits verified by the Commission, scanning of 7.22 lakh affidavits has been completed and the Commission has prepared a list of investors who had deposited less than Rs 10,000 in the chit fund companies.
