Fraud by the chit fund companies of Odisha, 2013
Fraud by the chit fund companies of Odisha, 2013
This year(2013), we came to know about the frauds by so many chit fund companies of odisha, which is unbelievable. Tuesday, the Odisha govt ordered probe into the functioning of 15 chit fund companies. They are AT Group, Mideast, Sri Gayatri, Sunraj, SLB, Specimen, Swastik India, Sai Kishore, Vista Credit, Evos, Rajiv Gandhi Memorial Multistate, Green India, Utkal Multistate and Jansahyog Sahkari Credit Society, Microfinance. Fifteen teams comprising two members each have been formed to conduct detailed inspection about the firms( on the functioning and financial irregularities). The teams will also look into the money deposit schemes run by the companies. The Economic Offences Wing of CB,Odisha has sealed a 3,000 sqft guest house owned by Seashore Group. The Commissionerate Police on Monday had unearthed Artha Tatwa group-owned properties worth Rs 130 crore.
Re: Fraud by the chit fund companies of Odisha, 2013
How did these chit fund companies continue their business for years? What is the right way to recognise them?