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Updated: May 8, 2013 17:21 IST

Tripura seeks CBI probe against chit funds

Syed Sajjad Ali
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A file picture of Tripura Chief Minister Manik Sarkar addressing the media in Agartala. Photo: Ritu Raj Konwar.
The Hindu A file picture of Tripura Chief Minister Manik Sarkar addressing the media in Agartala. Photo: Ritu Raj Konwar.

Tripura government has decided to seek CBI investigation into the allegations against non-banking financial institutions (NBFI), popularly known as chit funds. The meeting of council of ministers on Tuesday took the decision in view of ongoing protests and complaints against the chit fund operators in the state.

“After careful examination, the council of ministers has decided to refer the complaints to the CBI. The complaints to be registered in future would also be referred”, Chief Minister Manik Sarkar told newsmen at his office.

Chief Minister stated 27 NBFIs have already left the state, but still 80 of them are functioning. The depositors have so far registered 15 complaints in various police stations across the state.

“People deposited money in these institutions are visibly upset and angry over non-compliance of conditions. Action is necessary to safeguard interest of people”, Mr Sarkar added.

Meanwhile five officials of different NBFI have been arrested on basis of complaints by depositors and agents. The police have also been conducting raids in their office premises and confiscating documents.

The clients organised demonstrations outside West Agartala Police station against officials of two chit funds for refusing to refund their deposits. Opposition Congress party earlier alleged that police were selective on taking action against the chit funds.

Hinted at recent Saradha group scam Chief Minister said the development has rattled private depositors in entire eastern India.

He said the non banking financial groups are registered with different central government offices. Only one in Tripura has license of the SEBI.

Chief Minister urged people of the state to deposit in small savings scheme of the government and not to fall prey high interest offer by NBFIs.

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