The State Government should immediately enact stringent law to regulate and control the mushroom growth of Chit fund and other financial companies engaged in various financial deposit schemes on the West Bengal model and establish a “Financial Fraud Detection Cell” (FFDC) under the Vigilance Department of the State to crack down unscrupulous chit fund and a host of similar organisations in the State.
This was stated by former Assembly Deputy Speaker Rama Chandra Panda at a Press conference here on Tuesday. He said these companies have collected thousands of crores of rupees from poor and innocent people time and again luring them to provide house sites, gold coins and a galaxy of other deceptive offers under various schemes like mutual funds, fixed deposits, insurance schemes and real estate business.