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CBI starts probe in to Rs 25K-cr chit fund scam in Jharkhand

The agency has registered 20 FIRs pertaining to 193 accused, which includes individuals and companies

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CBI starts probe in to Rs 25K-cr chit fund scam in Jharkhand
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The Central Bureau of Investigation has registered 20 cases related to chit fund scam believed to be involving funds of over Rs 25,000 crore in Jharkhand. The agency has registered case on directions of state High Court.

The agency has registered 20 FIRs pertaining to 193 accused, which includes individuals and companies. The offences committed by chit fund firms involves violation of many enactments, rules and regulations of RBI, SEBI and Chit Funds Act of 1982.

These cases were investigated by the Jharkhand Police so far. As per High Court order, "It is submitted by the Additional Advocate General that a detailed counter affidavit has been filed on behalf of respondent, who has brought on record several facts including the amount involved in one company being approximately of Rs 1,600 crore and total figure may even cross Rs 25,000 crore."

The court was submitted a list of 27 chit fund companies operating in the state which were under the scanner of the state police. "Over and above the aforesaid offences, similarly situated other First Information Reports, registered at various other police stations about chit fund companies are also handed over to the CBI for further investigation. These cases shall be identified by the CBI with the help of the State of Jharkhand," it had said.

The court observed that these companies were running chit fund business in Jharkhand, of which some had been exposed. The state government had approved handing over the investigation to CBI.

The state government had stated that the offence are specialised and technical in nature and it would be best when CBI's economic offences wing probe the case. "Government agencies do not have the same expertise as the CBI's economic offences wing," the government advocate had stated . The government also furnished a list of 27 blacklisted companies.

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