Ponzi investor report

The Justice Madan Mohan Das Commission, which is identifying small investors duped by dubious financial companies in Odisha, will submit another interim report to the state government by this month.

By LALMOHAN PATNAIK in Cuttack
  • Published 4.01.18
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Cuttack: The Justice Madan Mohan Das Commission, which is identifying small investors duped by dubious financial companies in Odisha, will submit another interim report to the state government by this month.

"The next interim report will recommend names of genuine investors who had deposited Rs 10,000 or less and were eligible for compensation on the basis of scrutiny of 2.52 lakh affidavits completed in the fifth phase," a commission official said on Wednesday. He said the report is being readied for submission.

Justice Das took charge of the commission appointed to probe into the deposit collection scam in the state on February 5, 2015, following the death of Justice R.K. Patra on January 28, 2015.

The additional job assigned to the commission after Justice Das took charge was to "to identify the bonafide investors affected by transactions of fraudulent financial establishments/companies and to suggest the modality of payment of compensation, the names of small investors eligible for compensation and the amount of compensation payable from the corpus fund or otherwise." The commission had since been identifying small investors who had deposited Rs 10,000 or less from among the 8.17 lakh affidavits received by it.

The official said scrutiny of 5.93 lakh affidavits had been completed in five phases so far. While completing scrutiny of 3.41 lakh affidavits in the first four phases, the commission had submitted three interim reports to the government, recommending the names of 60,941 small inves-tors eligible for compensation.

The commission submitted the first interim report on May 25 last year for payment of compensation to 8632 small investors. The names of 10,790 small investors were recommended in the second interim report the commission submitted on February 3. The third interim report submitted on July 25 recommended the names of 41,519 small investors eligible for compensation.