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14 chit fund companies will be prosecuted: Jaitley

Uncategorized November 28, 2014

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#ChitFundCompanies #ChitFundScam #ChitFund

Finance Minister Arun Jaitley has said that the government will start prosecuting proceedings against 14 firms for violating the company law. The 14 firms fall under the category of chit fund companies.

The government would also share details of its findings with respect to these companies with the Central Bureau of Investigations (CBI).

“Central government has internal investigated affairs of 14 companies falling in the category of the so called ‘Chit Fund Companies’ for violation of the Companies Act,” Finance Minister Arun Jaitley, who also holds the portfolio of Corporate Affairs, said in a written reply to the Lok Sabha.

“It has been decided to prosecute such companies under various provisions of companies act and to also share the findings of investigations with the CBI which is also investigating various alleged criminal activities of such companies,” Jaitley added.

The minister was replying to a query on whether the government is looking into non-chit fund companies that are misusing public money by operating as chit fund companies.

According to Jaitley there were no provisions relating to chit funds or chit fund companies under the companies law.

“Provisions to this effect are contained in the Chit Funds Act, 1982 which is Central Act administered by the Ministry of Finance (Department of Financial Services) but its implementation vests in the state government concerned…” he added.

Separately on corporate frauds, Jaitley also informed the house that a Market Research and Analysis Unit (MRAU) was set up un 2009 in the SFIO — ministry’s investigation arm for corporate frauds.

“MRAU analyses media reports as well complaints received in SFIO on matters containing financial frauds by companies,” Jaitley said.

“It also assists SFIO teams engaged in investigation of chit fund cases like Saradha Realty and others by providing analytical support, updates of information in the public domain and obtaining inputs from various enforcement agencies.

According to the Minister, the unit “has been strengthened” with the induction of appropriate technical tools and skilled manpower.

“A forensic laboratory equipped with the state of art technology has also been set up under the supervision of MRAU to enhance data analytics capabilities,” he said.

Source: http://goo.gl/kmxKsQ

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