A fresh Public Interest litigation (PIl) demanding to bring back the money invested by the poor people in chit-fund companies was filed in the Jharkhand High court on Monday by advocate Harendra Kumar Singh. The court, taking a serious note of the issue, asked the State Government to reply within four weeks.
“It is different from the other PIl’s filed earlier in the Jharkhand High Court related to chit fund companies as this time we have asked how the hard earned money of the poor people invested in the chit fund companies could be recovered from those companies... What will happen to the money,” said the petitioner.
According to Kumar, the State Government trying to put his side said that Investors Protection Act has been brought in after abolishing the Chit Fund Company Act of 1982. Jail term as well as the fine in the case has also been increased, said the counsel of the State Government.
“The court, which was not satisfied with the answer given by the State Government, also asked what exactly was being done to get the money of the poor people back, who have already invested in the chit fund companies,” said Singh. The court also said that Investors Act on the other hand, was meant to safeguard the money of those who will be investing the money in future, added Singh.