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One more chit fund scam?

mumbai Updated: Apr 27, 2013 01:48 IST

Hindustan Times
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Senior Bharatiya Janata Party leader Kirit Somaiya on Friday has written to chief minister Prithviraj Chavan saying the state is sitting on a “cheat fund” of Rs. 10,000 crore.

On the heels of the Saradha chit fund scam in West Bengal, Somaiya has said at least 10 lakh small investors and 1 lakh young investors are involved in such easy-money schemes and demanded action against them.

“These companies are not registered with any regulators... They get themselves registered with ROC. With that...they cheat the youngsters offering them commission of 15 to 25% to get deposits etc. from common man,” states the letter.