Chit fund companies move court
Green Ray and Basil have cited that they were not dealing in chit fund business but the Crime Branch had seized all their business premises
Jul 04, 2013
Source : The Economic Times


CUTTACK: At least six chit fund companies have moved to the Orissa high court seeking unfreezing of their bank accounts and opening of their offices sealed by the Crime Branch.

While hearing a batch of petitions filed by these chit fund companies, the court on Wednesday directed the Crime Branch to file status report on the progress of investigation of the cases registered against these six companies. The companies are Green Ray International limited, Micro Finance Limited, GLP Developers, Golden Land Developers, Micro Leasing and Funding Limited and Basil International limited.

"The division bench of Chief Justice C Nagappan and Justice Pradip Mohanty has directed the Crime Branch to submit detail status report of the investigation on the cases registered against these companies by July 15," said counsel of one of the petitioners. The next hearing of the cases has been fixed on July 15.

The companies have moved to high court challenging sealing of the business premises and bank accounts.

The companies like Green Ray and Basil have cited that they were not dealing in chit fund business but the Crime Branch had seized all their business premises, which is against law.

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