The Telegraph
Thursday , February 28 , 2013
Since 1st March, 1999
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Probe into chit funds starts

Police have started a probe into alleged duping of money by chit funds following a directive from the district administration but the absence of an economic offences unit in the district could be a spanner in the investigation.

Senior superintendent of police K.S. Anupam on Wednesday said: “In the absence of a wing to look into financial crimes, the police would have to be very careful and even take help from the economic offences unit in Patna. We are looking for the complainants against such fraudulent companies.”

She added: “Bhagalpur deputy superintendent of police Bina Kumari is looking into the case, as we have information of another such firm disappearing from Barari after duping people.”

On February 12, Sanjit Kumar, a former member of the Institute of Chartered Accountants of India, had complained to the Bhagalpur divisional commissioner, Minjaz Alam and district magistrate Prem Singh Meena accusing Calcutta-based non-banking firm Suraha Microfinance of swindling money from residents. On the basis of the complaint, Meena on Tuesday asked Anupam to conduct the probe.

“The Reserve Bank of India Act (Section 45S), The Companies Act, 1956 and the Prevention of Money Laundering Act, 2002, should be strictly implemented to curb financial offences,” Sanjit said. He said these forms of crime cause loss of money for the individual and also affect the country’s economy. He added: “Insurance Regulatory Development Authority, Security Exchange Board of India, Reserve Bank of India and even the ministry of corporate affairs have failed to stem the growth of such firms.”

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