MP HC Asks CBI To Probe Chit Fund Companies

Gwalior, Jul 6: Madhya Pradesh High Court's Gwalior Bench here  has directed the CBI to probe chit fund companies that are allegedly misappropriating crores of rupees.The directives in this regard were issued by Justice S
mp hc asks cbi to probe chit fund companies -...
PTI July 06, 2011 11:18 IST

Gwalior, Jul 6: Madhya Pradesh High Court's Gwalior Bench here  has directed the CBI to probe chit fund companies that are allegedly misappropriating crores of rupees.

The directives in this regard were issued by Justice S K Gangele and Justice Sheel Nagu on a PIL filed by a social worker, Dharamveer.

Dharamveer highlighted in his petition that the business of chit fund companies was spread across different states of the country and the Gwalior police was not competent to probe such a vast network.

He demanded that the probe into their activities be handed over to any agency which has pan-India presence and is capable of probing in any part of the country following which the bench directed CBI to investigate the matter.

The PIL was filed in September 2010 and during the last hearing, the Additional Advocate General (AAG) MPS Raghuwanshi also agreed with the petitioner to hand over the probe to the CBI in view of its large dimensions.

In the last two months, Gwalior district administration raided and sealed 34 chit fund companies' offices for duping people by promising to double their money in a short span of time. PTI

 
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