The
Ministry of Corporate Affairs has taken note of the misuse by certain “Chit
Fund Companies” who have raised huge sums of money from the public at large.
The State Governments are the appropriate authorities for regulation of such
chit Fund companies/Schemes under the Chit Funds Act 1982. However, in view of
the larger public interest involved in these cases, and concerns regarding
misuse/laundering by such companies of the ill gotten wealth, and the
possibility that the promoters of these companies may strip these companies, it
has been decided by the Ministry of Corporate Affairs to set up a Special Task
Force in the Serious Fraud Investigations Office (SFIO) to investigate the
affairs of such companies. Accordingly, all investigations into such companies
are being entrusted to SFIO with immediate effect.
The
Task Force will also co-ordinate with other law enforcement agencies and
regulators wherever required.
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