More than seven and a half crores returned to 16 thousand 796 investors by attaching assets of fake chit fund company
The amount returned to investors of Odisha, Maharashtra and Madhya Pradesh along with more than 13.5 thousand investors of Chhattisgarh.
Raipur, 12 November 2020. The government has taken a big action on Yalsco Real State and Agro Farming Limited, a chit fund company that defrauded investors, and attached its assets and returned Rs 7 crore 33 lakh to investors today. The Chief Minister, Mr. Bhupesh Baghel, transferred the online amount to the account of investors in a program organized at his residence office here today. On this occasion, MLA and President of Chhattisgarh State Rural and Other Backward Classes Development Authority Mr. Daleshwar Sahu and President of Chhattisgarh Mineral Development Corporation Mr. Girish Dewangan, Advisor to Chief Minister Mr. Vinod Verma and Mr. Ruchir Garg, Additional Chief Secretary Home Mr. Subrata Sahu, Special Director General of Police Mr. Ashok Juneja was present. It is noteworthy that Chief Minister Mr. Baghel had already said that mere FIRs on fake chit fund companies are not sufficient. We will work towards returning investors’ money by attaching their property. Today, with the implementation of this announcement of the Chief Minister on the occasion of Dhanteras, investors have started getting justice.
The state government, under the leadership of Chief Minister Mr. Baghel, took action on fake chit fund companies and made the subject of getting their deposits to investors a priority. The Chief Minister himself reviews progress in such cases continuously. During the last two years, the government started investigating cases of fraud and started an FIR against fake companies and returning the money to investors. Also, cases registered against local youth working in the company were also withdrawn. At the same time, going beyond the promises made in the public manifesto, Chief Minister Mr. Bhupesh Baghel had said that in order to provide justice to the investors, along with tightening legal scrutiny on fake companies, their assets will be attached and the amount will be returned.
On receipt of complaints against Yalco Real State and Agro Farming Limited, the chit fund company of Rajnandgaon, the Rajnandgaon Collector had obtained information about the properties, in which a total of 292.36 acres of immovable property owned by the directors were found. The final order for attachment of this land was passed by the Special Court. After this, the attachment properties were auctioned by the concerned departmental officers. So far, 8 crore 15 lakh 34 thousand 345 rupees have been received from this auction. Auctions of each property of Rajnandgaon and Churia tehsils are yet to be auctioned.
Claim objections were received from investors of the company from 27 July 2020 to 20 August 2020. A total of 17 thousand 171 investors submitted a claim of Rs 24 crore 75 lakh 47 thousand 337. After reviewing the applications, 16 thousand 796 investors submitted claims with complete information. So far, the amount received from auction of properties is only one third of the claimed amount. The district level five-member committee has decided to return 30 percent of the claim amount submitted by 16 thousand 796 investors i.e. Rs 7 crore 32 lakh 95 thousand 528. Now the saving amount of the auction will be 82 lakh 38 thousand 817.
Of the 16 thousand 796 investors to whom the amount is being returned, 13 thousand 586 are from different districts of Chhattisgarh. Similarly, 197 are from Odisha, 2971 are from Maharashtra and 42 are from Madhya Pradesh. NEFT in the account of these investors The amount was transferred through.
More than 9 crores recovered from chit fund companies in last two years
Instructions have been given by Chief Minister Mr. Bhupesh Baghel to take strict action against the chit fund company operators. In the same sequence, in the last 02 years, on receiving a complaint of fraud against a total of 34 companies, 63 cases were filed after taking strict action, 43 directors, 08 officials were arrested and presented to the court immediately. In the last 02 years, out of the pre-2018 cases, 80 accused of 43 cases have been arrested from other states, including 39 accused from Madhya Pradesh, 09 accused from Maharashtra, 05 accused from Rajasthan, 09 accused from Odisha, Delhi. Includes 07 accused, 02 accused from West Bengal, 07 accused from Uttar Pradesh, 02 accused from Bihar.
Till the year 2018, no company assets were auctioned nor any amount was seized in the state. In the year 2019, after continuous action for identification of movable and immovable property of chit fund companies and their directors, a report was sent to the District Collector for attachment proceedings in a total of 123 cases. District collectors presented a report to the court for final order of attachment of property of 29 irregular financial institutions and directors. Out of this, in 17 cases till now, the final order of attachment has been passed by the court and after auctioning, recovery proceedings, Rs 9 crore 04 lakh 40 thousand 220 has been deposited in the account of the government. A total of Rs 22 lakh 94 thousand 243 was returned to 10 investors. Auction recovery proceedings in 02 cases are under process. Action is under process for interim order of attachment by District Collector in 84 cases.
Relieving Agents
Governance is fully sensitive to agents. In the past, local agents were criminalized, but in 59 cases, local agents arrested after 2019 have submitted applications to 104 agents to become official witnesses in the court. In 42 cases under investigation, 130 agents have been made official witnesses in 42 cases.
