BJP leader Sushil Kumar Modi on Saturday expressed hope that chief minister Mamata Banerjee would protect investors and demanded that the Centre should intervene in chit fund irregularities.
When asked about the West Bengal-based chit funds operating in Bihar, Jharkhand and Orissa, the deputy chief minister of Bihar said, “Some of the chit funds are also operating in Bihar. We have a law to protect the depositors’ money, but these companies manage to find loopholes in the system.”
He added, “Only a stronger regulatory body and laws by the Centre can check the spread. SEBI, RBI, SFIO and the corporate affairs ministry are best suited to check this menace.”