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Bihar govt for action against fraud chit funds

Last Updated: Tuesday, July 5, 2011 - 19:22

Patna: Bihar government would take strict
action against chit fund and Non-Banking Financial Companies
found involved in "cheating and forgery", Deputy Chief
Minister S K Modi on Tuesday said.
Modi told reporters that the Chit Fund companies and NBFCs
are registered by the Reserve Bank of India and the state
government had already enacted a law to sternly deal with
these companies if they were found involved in cheating and

"We will also take penal action against the companies who
are allegedly involved in misappropriation of investment by
locals", he said and informed that the state government had
facilitated around 2000 complainants to get refund of the
amount which they invested in these companies.
He, however, expressed his unawarness about a recent
report on the alleged involvement of a state minister in
running a NBFC involved in the racket.


First Published: Tuesday, July 5, 2011 - 19:22

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