300 cr fund for chit fund victims
Naveen also announced that former chairman of Odisha Human Rights Commission Justice R K Patra will head the commission of inquiry into the chit fund case
Jul 11, 2013
Source : The Times of India

 

 BHUBANESWAR: Taking a cue from West Bengal, chief minister NaveenPatnaik on Tuesday announced Rs 300 crore corpus fund for victims of the multi-crore chit fund scam. "Under no circumstance will my government allow genuine investors to suffer. We are putting in place a strong legal and financial arrangement so that people do not suffer undue loss," the CM said in a statement.

Naveen also announced that former chairman of Odisha Human Rights Commission Justice R K Patra will head the commission of inquiry into the chit fund case. He said the government will move the Orissa high court for constitution of some special courts for speedy trial of cases.

The state will also engage special prosecutors for effective handling of such cases. The SP offices in each district will have special cells for it. The government will closely follow up with the Centre for Presidential assent of the "Odisha Protection of interest of depositors (in financial establishment) Bill 2011, Naveen said.

"The move will go a long way in helping poor investors who lost their life-time savings," said Biju Yuva Janata Dal president and MLA Sanjay Dasburma.

Opposition political parties described the government announcement as hogwash. "Neither the judicial inquiry nor the corpus fund is going to help. The CM is trying to dilute people's anger by these announcements," senior Congress leader Narasingh Mishra said.

BJP spokesperson Suresh Pujari said when the chit fund companies looted Rs 20,000 crore, a corpus of Rs 300 crore makes mockery of the circumstances.

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