Odisha orders judicial probe into Ponzi scam | india | Hindustan Times
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Odisha orders judicial probe into Ponzi scam

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

india Updated: Nov 18, 2014 11:12 IST
Priya Ranjan Sahu
Priya Ranjan Sahu
Hindustan Times

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.

"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.