Berhampur: A special court functions at Berhampur to fast-track chit fund cases. It was set up under OPID Act-2011. However, trial of only 10 cases has been completed and their verdicts have been declared.
There are still 120 cases whose trial is still going on. Out of 10 chit fund cases, accused have been penalized in 9 cases. It was learnt that due to strong evidence and efficient management of public prosecutors, these 10 cases have been finalised.
Reports said, scores of chit fund companies had opened their branches in various parts of Ganjam years ago and fleeced thousands of investors though lucrative schemes. The wrongdoings of these companies came to the fore in 2010 when they failed to return money to depositors.
This led to depositors filing complaints at police stations and had staged agitations.
The government had got some chit fund case probed by the State Crime Branch while other cases were investigated by local police. Police had filed charge-sheets in some cases.
To fast track these cases, the government set up the special chit fund court at Berhampur in 2015.
Till date, trials of scams by major chit fund companies like Green India, Oscar, AT Group, Datum and Ramskrishna Electro Control Finance Ltd are under way.
According to public prosecutor Bijay Kumar Pradhan, most of the cases belong to Ramkrushna company. The court has directed confiscation of assets and properties of Oscar and Katloon.
PNN