C'garh: Rs 7.33cr disbursed for people duped in chit fund fraud

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Raipur, Nov 12 (PTI) The Chhattisgarh government on Thursday disbursed Rs 7.33 crore for 16,796 investors who were duped by a chit fund company based in Chhattisgarh's Rajnandgaon district, an official said.

Chief Minister Bhupesh Baghel transferred the sum to the bank accounts of investors during a programme held at his official residence here, the official from the public relations department said.

With this, investors cheated by Yalsco Real Estate and Agro Farming Ltd will receive 30 per cent of their deposited amount, he said.

These investors, belonging to different districts of the state and from neighbouring states of Maharashtra, Madhya Pradesh and Odisha, were duped of over Rs 24 crore by the firm that shut its operations in 2015-16, he said.

'With the efforts of the district administration and officials concerned, 30 per cent of the money these investors lost is being returned,' Baghel said, adding that efforts are on to return the entire amount.

On the direction of the chief minister, the state government had initiated strict action against unscrupulous chit fund companies, the official said.

In the last two years, on receiving complaints of fraud against 34 unregulated chit fund companies, 63 FIRs were registered and 43 directors of such firms were arrested, he said.

In around 43 cases lodged before the end of 2018, 80 accused were arrested from other states in the last two years, he added.

Apart from this, the cases registered against agents, mostly local youths, of these companies who were bearing the brunt after owners of companies cheated their investors, were also withdrawn during this period, he said.

The state government also initiated the process to refund the money to investors auctioning off properties of unscrupulous chit fund companies through legal process, he said.

In this line, the Rajnandgaon district administration took action against Yalsco Real State and Agro Farming Limited, and 292.36 acres of immovable property owned by its directors was attached following the order by a special court, he said.

The attached properties were auctioned and proceeds of Rs 8.15 crore were recovered in the process, and after scrutiny of claims, 16,796 investors were given 30 per cent of their deposited amount, the official added. PTI TKP ARU ARU