Cuttack: At least 33 investors, who were duped by a ponzi firm, assembled at the office of the probe commission here Thursday desperately hoping to get back their lost money. However, they had to return home disheartened, as the executives of the ponzi firm did not turn up at the commission office.
Justice Madam Mohan Das, heading the probe commission, expressed displeasure after the managing director (MD) of the ponzi firm Alchemist Holding Private Limited remained absent despite promising to return the depositors’ money Thursday. Das issued an ultimatum to the ponzi firm MD to deposit the investors’ money in their respective bank accounts, in addition to `500 in each account to meet the travel expenses of the depositors.
The probe commission also directed the Alchemist Holding Private Limited MD to appear before it if the amount is deposited in the investors’ bank accounts on time. The MD was also asked to submit proof of deposit money in the investors’ accounts in the next hearing scheduled for February 22.
According to sources, all the investors, categorised as small depositors, are from Balasore, Bhadrak and Mayurbhanj districts. The ponzi firm had opened its offices in these three districts and collected deposits from people after luring them with good returns on their investments. However, the firm neither returned the interest nor the principal amount to the investors. Instead, it made a vanishing act by closing all its offices without any prior notice.
Consequently, the duped investors knocked the door of the chit fund probe commission and subsequently submitted affidavits to get back their hard-earned money. Acting on the petitions, the probe commission had issued a notice to the firm asking it to return the depositors’ money along with interest.
While the firm had reportedly returned the money to some investors, it was supposed to return the remaining money to 33 investors Thursday. As per schedule, the commission had asked the depositors to remain present at its office to receive their money. However, no representative of the firm turned up to refund the investors’ money and sought more time through the firm’s counsel.
Panel submits 4th report
Cuttack: Justice MM Das Commission, probing the multi-crore chit fund scam in the state, submitted its fourth interim report to the government Thursday. The probe panel’s secretary, Debraj Rout, submitted the 6,891-page report to the additional chief secretary of the Home department in a sealed cover. The report has been prepared on the basis of affidavits received in the fourth phase. In the report the commission made several recommendations to the state government on refund of investors’ money.
PNN