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West Bengal chief minister Mamata Banerjee on Monday gave out cheques to 929 people who had invested less then Rs 10,000 in the fraudulent Saradha Group.
Addressing a crowd of hundreds, Banerjee said, "It is better to keep your hard earned money in piggy banks rather than investing in chit fund companies."
The chief minister also said that the state government is planning to set up a Safe Savings Scheme (SSS) where small depositors could park their money without fear of frauds. "But the scheme is yet to be finalised as an Act dealing with the scheme needs some clarification," she said.
Following objections from the Centre, the WB government recently withdrew a bill aimed at protecting the interests of depositors.