Chit fund scam: 50,000 families still in penury
The much-talked-about despicable chit fund scam that had once resulted in a tremendous hue and cry in Odisha now seems to have ended not with a bang but with a whimper. The principal protagonist, a non-conformist social activist named Alok Jena, who had moved the Supreme Court to bring the cats out of their bags, is not yet hopeless. He is getting readied with an indomitable spirit and with an unflagging zeal to move the apex court for getting a specific direction for a court-monitored investigation by the CBI. It remains to be seen whether his struggle for the cause shall bring relief to the hapless ones in days ahead.
In an interview to The Pioneer, Jena spoke to Sugyan Choudhury about his mission.
Could you please tell us about the history of the chit fund scam?
Everyone knows about the chit fund scam. It all happened twelve years ago not only in Odisha but also in West Bengal, Andhra Pradesh, Assam, Manipur, Tripura, where poor people were cheated and looted. In Odisha, nearly 50,000 families were exploited by fraudulent chit fund companies. The companies are about 40 in number like Sharada Chit Fund and Rose Valley. I went to the Supreme Court in 2013 and filed a case. In that prayer, I had submitted the names of all the chit fund companies. Justice TS Thakur and Justice C Nagappan pronounced a judgment in which these companies were investigated by the CBI and the ED. The investigation is still under process by the direction of the apex court. Assam and Tripura suo motto referred the case to the CBI, but in Odisha and West Bengal, the story was different. I moved the Supreme Court and got the direction after which the fraudulent chit fund companies were investigated by the CBI and the process is still an ongoing one. Initially, we assessed the scam at Rs 50,000 crore, but CBI, ED, Income Tax and Crime Branch seized documents having transactions of over Rs 90,000 crore. The scam is nearing a whopping amount of Rs 1,00,000 crore. My plight is that when much water has flowed down the Mahanadi over the last nine years, nothing substantial has been done by the Governments of Odisha and West Bengal. The Odisha Government instituted two commissions of inquiry like Justice RK Patra Commission and Justice Madan Mohan Das Commission. After Justice Patra died, the Justice Madan Mohan Das Commission came into being. An amount of Rs 9 crore was spent for these two commissions, but suddenly the Das Commission ended without any further extension. The commission had decided to return money to the investors who had invested less than Rs 10,000. Accordingly, an amount of Rs 75 lakh was returned to small and marginal investors. Why does the Government of Odisha not take interest in returning over Rs 90,000 crore to the needy and hapless comprising nearly half a million families so far? It is due to sheer arrogance and the lackadaisical attitude of the State Government that such an impasse has resulted. Over 50,000 families are still languishing in chill penury while the Government is sitting over the fence. It is alleged that the Odisha Government has encouraged the chit fund companies by a nexus with them.
What is your agenda for the future?
When Shyam Divan, Amicus Curiae in the Supreme Court, had appealed for monitoring the chit fund case investigation by the CBI, Justice TS Thakur and Justice C Nagappan observed that it was not the time for monitoring while directing the CBI to investigate into the scam. However, they observed that they had kept the option open for the future. I think the time has come now and I must appear before the Hon’ble CJI as a petitioner in person to obtain a specific direction to the CBI for investigation under the monitoring by the apex court.
How often have you moved the apex court?
I have appeared before the Supreme Court many times. If I remember correctly, I have appeared as a petitioner in person before the court twelve times. For lack of logistics support and resources, the choice before me is imperative to appear as a petitioner in person. Shortly, I am going to appear before the court of Hon’ble CJI Justice DY Chandrachud with the sole objective of obtaining a specific direction for a court-monitored CBI investigation into the chit fund scam in Odisha. As you know, the poor and the complaining millions are in an anguishing state awaiting justice and that justice delayed is justice denied. I have also filed nine times interlocutory applications before the apex court to obtain a decisive decree for the poor investors in order to get back their hard-earned money. We hope that someday, we shall avail justice since we believe that they also serve those who stand and wait.