In the wake of a series of incidents regarding unscrupulous financial institutions duping lakhs of small investors across the State, Chief Secretary Bijay Kumar Patnaik on Friday discussed the situation at a high-level meeting as to how to expedite the raids and ongoing probe and find out ways and means to stop the malpractice and ensure refund of money to the investors.
The meeting also deliberated on the legal provisions relating to confiscation of the movable and immovable properties of the fraudulent chit fund companies to compensate the investors.
The meeting was attended by ADG, Crime Branch Bijay Kumar Sharma, Development Commissioner Jugal Kishore Mohapatra and senior officials of Finance and Cooperation Departments.
After the meeting, the Chief Secretary told reporters that the State Government is awaiting the Presidential assent to the Odisha Protection of Interest of Depositors (in Financial Establishment) Bill 2011 and hoped that Bill is likely to get Presidential consent within ten days.