Duped investors seek refund
Aug 01, 2013
Source : The Pioneer


BHUBANESWAR: Investors across the State duped by financial institutions staged a massive rally at the PMG Square here on Wednesday demanding recovery of their money deposited with the fraudulent companies.

Thousands of investors from different districts came in a procession from the railway station to the Lower PMG and staged the rally in front of the State Assembly. They also demanded a CBI probe into the scam. According to convener of duped investors’ body Jayant Das, the Centre and the State failed to protect the interests of the investors and let the nonbanking financial institutions to loot them.

“The State allowed the police to probe the financial fraud committed by the Artha Tatwa Group which is not an effective result-oriented step. The State has recently declared to form a corpus fund of Rs 300 crore to help the investors, but the State is yet to publish a gazette notification regarding this,” he alleged. The body in its six-point charter of demands urged the State Government to open grievance cells at block level to take actual data of individual investors regarding their investments in the companies. It also demanded that the seized property be kept with the Finance Department instead of keeping it with the police and then the State go for liquidation of assets of the companies which were seized in recent past for distribution among the affected investors.

The other demands of the association included a probe by the Enforcement Directorate with active supervision of the High Court, exemplary punishment to the fraudsters and a special law for recovery and protection of the investors’ money. “If the State fails to fulfil our demands, we will stage a demonstration in the State Assembly on August 20 (the opening day of the monsoon session of the legislature),” said Das.  

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