‘Chit
Fund’ companies indulging in cheating of investors are to be proceeded against
under the Chit Funds Act 1982 and the Prize Chits & Money Circulation
Schemes (Banning) Act, 1978 under which investigations are to be carried out by
the State Police authorities. Giving this information in written reply to a
question in the Lok Sabha, Shri Sachin Pilot, Minister of Corporate Affairs,
said that violations of the provisions of the Companies Act, 1956 by such
companies are to be investigated by agencies under the Ministry of Corporate
Affairs including the Serious Fraud Investigation Office (SFIO). Thus, while
cases of fraud and cheating by the Chit Fund Companies are under investigation
by Police Authorities and the Securities and Exchange Board of India (SEBI), in
respect of 63 such companies, SFIO is also investigating matters relating
primarily to violations of Companies Act, 1956.
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