Chit Fund: 182 not out! The name of the new chit fund company is still coming up, what will happen to the depositors?


#Kolkata: According to the documents of the High Court case (Kolkata High Court), millions of people in the state have been deceived by 180 to 162 chit fund companies. Adding the amount of refund of each fraud, the number stands at around 1 lakh crore. In Rose Valley alone, the application for refund is around Tk 36,000 crore. Sarada is worth Rs 1,200-1,400 crore. Pailan Chit Fund (Pailan) application for refund of Rs 500 crore. The Alchemist is like a few trillions. A special division bench was constituted by the then Chief Justice Manjula Chellur to hear the Chit Fund application on the hill of the case. The High Court set up a committee of retired Justice Shailendra Prasad Talukder to smooth the process of refund. The talukdar committee is currently in the process of returning 54 chit funds. The term of the committee is till 31st December this year.

The talukdar committee returned some money to the alchemist, VVGO’s chit fund. MPA’s property has also been auctioned off. Justice Jayamalya Bagchi has been hearing the chit fund case along with the division bench. Justice Bagchi was transferred to Andhra Pradesh a few days ago. Since then, the hearing of the chit fund case has been virtually closed. In the meantime, acting Chief Justice Rajesh Bindal said in the wake of the depositors’ pleas, all petitions in all chit fund cases would be heard by his division bench. Basically, there are more cases of refund application. There is a bail application, all the cases will be heard in the division bench. He directed the talukdar committee to inform the court by Monday about the number of chit fund cases pending and the remaining cases pending in the High Court. The information will be released on Monday as directed by the High Court, said Arindam Das, counsel for the depositors.

Lawyer Bikash Ranjan Bhattacharya said that if all the cases are heard in the same division bench at the same time, the process of refund will be expedited. The Acting Chief Justice’s Division Bench on Friday heard the bail plea of ​​one of the accused Devyani Mukherjee. The Acting Chief Justice said that the criminal case of Chit Fund will also be heard in the same division bench. After Narda, there are two types of cases in the Chit Fund case in the Acting Chief Justice Division Bench. Arindam Das, a lawyer involved in the case, said it was also significant. Recently, a division bench of Justice Sanjeev Banerjee observed the case of Pailan Chit Fund, alleging fraud amounting to Rs 500 crore as per the application of the depositors of Pailan Chit Fund. Only if you deposit 60% of this amount i.e. Rs. 400 crore, the chit fund owner will get bail.

After such strict monitoring, millions of depositors became more optimistic about getting their money back. Alchemist has already started returning money through VVG’s chit fund talukdar committee. Alchemist has returned 15-20 crores. And VBGO is returning the deposit of up to Rs 5,000 to 100 people every day. That process virtually stopped in lockdown. However, if there is a daily hearing, the expectation of the depositors to get money will increase.



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