Advertisement

HindustanTimes Thu,02 Oct 2014

Odisha orders judicial probe into Ponzi scam

Priya Ranjan Sahu, Hindustan Times  Bhubaneswar, May 30, 2013
First Published: 16:45 IST(30/5/2013) | Last Updated: 17:05 IST(30/5/2013)

Odisha chief minister Naveen Patnaik on Thursday announced a judicial inquiry commission would probe the alleged fraud by several ponzi scheme companies including Kolkata-based Saradha group in the state.

Advertisement

"The honourable (Orissa) high court will be requested to spare the services of a sitting judge for this purpose," Patnaik said.

The commission will probe the role of influential people including politicians and bureaucrats in protecting or promoting fraudulent ponzi scheme companies and submit its report within three months. 

The commission will also suggest measures to protect the interests of genuine investors affected by the scam.

Early estimates by the crime branch of Odisha police have put the loss to investors due to the alleged scams by Saradha group, Artha Tatwa, Seashore and other companies at about Rs. 1,000 crore. "The Saradha group's alleged fraud in the state is estimated to be around Rs. 70 crore," a police official said.


Advertisement
more from India

100th anniversary of Gandhi’s return: Govt focus on Africa

Plans are in the works for Prime Minister Narendra Modi visiting South Africa next year, which marks 100th anniversary of Mahatma Gandhi’s return from that country to India to plunge into freedom movement.
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved