Chit fund probe panel term extended

The State Government has extended for six months the tenure of Justice MM Das Commission inquiring into the chit fund scam, said a notification issued by the Home Department on Tuesday.

The extended tenure will be effective from August 5.

Since its inception in 2013, the commission has submitted five interim reports to the Government. So far, it has managed to identify over two lakh small investors. The commission has issued notices to 486 chit fund companies.

The Government set up a Rs 300-crore corpus fund in 2013 to refund the money of small depositors who had invested Rs 10,000 or less in the chit fund companies. The commission, among other things, has been asked to suggest as to how the small investors would get back their money from the corpus fund.