Pilot to address chit fund awareness meet in city
The State Government has set up a Rs 300-crore corpus fund for the small and genuine investors who have lost their hard-earned money in the money circulation schemes.
Jul 19, 2013
Source : The Pioneer


BHUBANESWAR: With the hapless investors reeling under the fraudulent money circulation schemes, the Ministry of Corporate Affairs (MoCA) will organise an awareness campaign here on Friday to educate investors.

While the Economic Offence Wing (EOW) of the Crime Branch of the Odisha Police has unleashed crackdown on several fraudulent chit fund companies, it has already registered 300 odd cases while arresting 315 persons, including the bosses of Seashore, Ashore, Swastik India and Flourish India. The Commissionerate of Police of Twin City of Bhubaneswar and Cuttack has also taken to task another big money circulation company, Artha Tatwa.

The State Government has set up a Rs 300-crore corpus fund for the small and genuine investors who have lost their hard-earned money in the money circulation schemes.

So, Friday’s conference takes centre-stage in view of the prevailing situation in the State. Union Minister of Corporate Affairs Sachin Pilot will address the gathering.

Officials of the State Government including the Secretaries of Finance, Home, Industries and Commerce Departments, the chief of the Crime Branch, top cops of the CBI, representatives of SEBI, RBI and Utkal Chamber of Commerce & Industry, along with those of ICAI, ICSI and ICWAI will be present at the conference.

Pilot will be interacting with the top brass of the State Criminal Investigation Department and Departments of Home and Finance and other senior officials to assess the situation in the State, said sources. MoCA Secretary Naved Masood will also be present at the meeting, which will hold a session with investors and general public to educate them, provide suitable orientation and also to understand their problems and grievances.

The MoCA has already initiated investigation of 87 companies following complaints against them for floating fraudulent investment schemes. For further crackdown, the Ministry has asked the States to initiate action against such practices, besides stepping up surveillance and awareness campaigns.

The SEBI has already stepped up surveillance over the fraudulent companies and the MoCA is spearheading a series of awareness and education programmes all over the country. In this backdrop, the daylong meeting is going to be held at Hotel Mayfair, where freewheeling interactions would take place, said sources.

Latest Realty News

Now, land scam under war veteran quota
Jul 19, 2013
BHUBANESWAR: The families of the soldiers who sacrificed their lives for the nation during various wars have been deprived of the benefits including land under the war veteran quota. There are thousands of acres of land, including plots, for housing families of the soldiers under the quota, but they have been grabbed by influential people, including political leaders, police and bureaucrats.
RD Dept told to build 200 bridges per year
Jul 19, 2013
BHUBANESWAR: Chief Minister Naveen Patnaik after reviewing the bridge construction works here on Thursday directed the Rural Development Department to complete the construction works of at least 200 bridges per year.
Chit fund scam: CB arrests two officials of Flourish India
Jul 18, 2013
BHUBANESWAR: The Crime Branch (CB) of Odisha Police on Wednesday arrested two officials of chit fund company Flourish India for allegedly duping investors to the tune of Rs 100 crore in the state. The arrested officials are the company's ex-Managing Director Prasanna Dash and current MD Ballav Prsad Nayak.
Private land acquisition policy to be made easy
Jul 15, 2013
BHUBANESWAR: With non-availability of government land posing a obstacle for social development projects, the State Government has paved the way for an easy acquisition of private land so that welfare schemes and programmes are not hit. The Revenue and Disaster Management department has issued a fresh set of guidelines under which departments can purchase private land up to 10 hectare in a revenue village through bilateral negotiation.
State government running behind schedule of IAY house target
Jul 15, 2013
BHUBANESWAR: Even as the State Government has set a target to construct 2,93,522 houses under Indira Awas Yojana (IAY), the rural housing scheme for the poor, in the current financial year, only three per cent of the target has been achieved.
'Astha Merc sold to BJD MLA's driver'
Jul 15, 2013
BHUBANESWAR: The Crime Branch, probing the multi-crore fraud by Astha International Limited, a Surat-based money circulation company, suspect that a Mercedes used by the company's Odisha coordinator SubhransuLenka, was sold to the driver of a ruling party MLA prior to Lenka's arrest.
Land dispute cell in limbo
Jul 14, 2013
BHUBANESWAR: Four years have passed since the commissionerate of police announced that it would open a dedicated cell to address grievances related to land disputes. But it is still a non-starter.
Naveen Patnaik shielding AT Group chief: Pyarimohan Mohapatra
Jul 14, 2013
BHUBANESWAR: Odisha Jan Morcha chief Pyarimohan Mohapatra on Saturday accused Chief Minister Naveen Patnaik of protecting controversial Artha Tatwa (AT) Group chief Pradeep Sethy.
Ex-official Held in Fresh Land Scam
Jul 12, 2013
BHUBANESWAR: In a fresh land scam in the City, a re­tired additional tehsildar of Bhubaneswar was arrested on Thursday after the reve­nue officials found his com­plicity in issuing fake record of rights (RoRs) for govern­ment land located on the outskirts of the Capital city.
Chit fund scam accused get bail
Jul 12, 2013
BERHAMPUR: erhampur:With the police failing to file chargesheet against two persons arrested in connection with a chit fund scam, the Sub-Divisional Judicial Magistrate (SDJM) court here granted them bail Thursday.

Latest Realty News Of State

Realty Talk's