SC Not Happy With CBI’s Chit Fund Probe; Seeks Status Report By Jan 9

New Delhi: The Supreme Court on Thursday directed the CBI to submit a status report on the progress made in the multi-crore chit fund scam case by January 9.

The apex court has also directed the investigating agency to let it know about the latest development of the case and refund of duped investors’ money.

While voicing dissatisfaction over the delay in the case, the court posted the matter for further hearing on January 9 and asked the CBI to submit the status report by then.

The premier central investigating agency was directed to inform the court as to when it will be able to reach a logical conclusion. Those who had invested in chit-fund schemes want their money back and they cannot wait for 10 to 15 years, the Supreme Court observed.

Earlier, the apex court had in October, last year asked the CBI and the Odisha government to submit a report on the steps taken to refund the money of the chit fund scheme investors.

The Supreme Court had ordered a CBI probe in 44 chit-fund companies operating in Odisha. Then the state government formed a commission of inquiry to identify the beneficiaries of the chit fund.