Panel for ban on chit funds in Bengal

The Stateman

KOLKATA, 28 APRIL: A social security panel demanded West Bengal immediately seal offices and confiscate assets of all fraudulent companies operating in the state, and demanded a ban on chit fund firms.  “The ministry of corporate affairs has pointed out that there are 73 companies in West Bengal that are engaged in collecting illegal deposits, but so far the state has initiated action only against Saradha and that too only under the Criminal Procedure Code,” said Ashok Ghosh, chairman of Forum for Integrated National Security.

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