Duped investors flay govt inaction
Aug 22, 2013
Source : The Times of India


BHUBANESWAR: Scores of investors, duped by several chit fund companies in Odisha, took to the streets here on Wednesday, protesting against the lackadaisical attitude of the government in refunding their imoney.

They said they are still in the dark about benefits of the Rs 300-crore corpus fund, announced by the government in the wake of the huge public outcry over chit fund scams. "Even though the state government has announced a Rs 300-crore corpus fund for the victims, it is yet to issue a formal notification.

"The police have so far kept controversial politicians out of the purview of its investigation even though AT Group chief Pradip Sethy had earlier said he had bribed some politicians for protection," said Jayant Das, convener of the outfit, which organized the rally. .

The protestors accused the police of shielding the politicians and top functionaries involved in the dodgy companies. "The police have netted lower rung employees and agents. Owners and CMDs of many illegal non-banking financial companies are still at large. The government should immediately address the plight of the duped investors by the end of the ongoing assembly session. We are ready to hold discussions with the government on the ossue," said Rabi Das, an adviser of the outfit.

Investors demanded the government to open grievance cells in each block to receive complaints from victims. "Steps should be taken to return the investments of the poor," said Amiya Kanungo, an investor of the AT Group. Holding placards and banners, the protesters marched towards Lower MPG and raised anti-government slogans.

The government is taking steps to protect the interests of the investors. "The commission of inquiry will soon start a probe into the chit fund scam. The Odisha Protection of Interests of Depositors (in financial establishments) Bill, 2011 has got the nod of the president," said a police officer.

The police arrested around 488 people in the past one year in connection with the illegal ponzi business. Around 380 cases were registered against more than 158 companies, the police said. The Union ministry of agriculture and cooperation in June authorized the State Registrar of Cooperative Societies to conduct an inquiry into 15 controversial money circulation companies, including the AT Group, Swastik India and Astha.


Latest Realty News

Govt Land, Kept Unused for 3 Years, Can be Resumed
Aug 22, 2013
BHUBANESWAR: The As­sembly on Wednesday passed the Odisha Govern­ment Land Settlement (Amendment) Bill, 2013 and the Industrial Disputes (Od­isha Amendment) Bill, 2013 by a voice vote.
Chit fund panel extends affidavit filing deadline
Aug 22, 2013
CUTTACK: The Justice R K Patra Commission of Inquiry, probing into the multi-crore chit fund scam in the state, on Wednesday extended the deadline for submission of compliants before it by 18 days.
Realtor-criminal nexus under Bhubeaneswar police lens
Aug 21, 2013
BHUBANESWAR: Controversial builders seem to be running an empire of hooliganism in the city, if the murder of Manmohan Pradhan is any indication.
Officer in dock over house allotment
Aug 21, 2013
BERHAMPUR: The executive officer of Hinjili notified area council (NAC) in Ganjam district, M NageswaraSubudhi, has landed in trouble over the alleged allotment of a house on August 13, a day after model code of conduct for urban local bodies election came to force. Hinjili is the home turf of chief minister NaveenPatnaik.
Depositors' interest protection bill gets Prez nod
Aug 14, 2013
BHUBANESWAR: The much awaited Odisha Protection of Interests of Depositors (in financial establishment) Bill, 2011 becomes an Act with President Pranab Mukherjee on Tuesday giving his assent to it. The Act comes into force with immediate effect, enabling the State Government to act tough against the malpractices of the fraudulent financial institutions and recover the money of the depositors.
Realtor's murder in Bhubaneswar tip of the iceberg
Aug 13, 2013
BHUBANESWAR: The brutal killing of a realtor over alleged land dispute at Nayapalli on Monday brought to fore spurt in crimes, stemming from flourishing real estate business in the city.
Builder shot dead in heart of capital
Aug 13, 2013
BHUBANESWAR: Armed criminals on Monday gunned down a builder in the N-4 residential area in Nayapalli.
Builder held for land fraud
Aug 11, 2013
BHUBANESWAR: Simax Builders Pvt Ltd managing director Nirmal Kumar Behera arrested by the commissionerate police here on saturday in connection with land fraud. he was forwarded to court, the police said.
Housing plot scheme left in lurch
Aug 08, 2013
KHURDA: The housing plot allotment scheme of Bhubaneswar Development Authority (BDA), aimed at providing land to build houses for people here at an affordable price, has failed to take off. Five years have passed after its stone-laying ceremony.
2 builders arrested for cheating
Aug 08, 2013
BHUBANESWAR: Commissionerate Police Wednesday arrested two city­-based realtors in separate cases of cheating people through ponzi and housing projects. Raids were conducted on their ad later police produced he sub-divisional judicial magistrate court (SJDM) here. Rabindra Senapati, promoter of Sainath Infotech, was arrested from its Chandrasekharpur office. He is accused of duping people re through housing proj­ects, while Hemant Moharana, promoter of Manikeshwari Construction­ was arrested for

Latest Realty News Of State

Realty Talk's