DJ Venkatesh
Port Blair, July 20: In a bold move the Andaman and Nicobar Police has asked all Chit Fund Companies to seize operation in North Andaman region, following dozens of complaints regarding frauds and financial losses to public.
According to highly placed sources on Saturday the Superintendent of Police of North and Middle Andaman, Mr. Santosh Kumar Meena convened a meeting with all the local heads, in-charge of owners of Chit Fund Companies operating in North Andaman region and asked them to seize operation for now.
“They have been also asked to give details in prescribed format to the SP that on what ground they have been collecting money from general public of North Andamans,” highly placed sources told Andaman Sheekha on the condition of anonymity.
Earlier, taking cognizance of recent reports of financial scam by “SHARDA” Group in national as well as local print and electronic media the Andaman and Nicobar Administration had taken steps to check any prospective fraud and manipulation of the money of general public by any such company in these remote Islands.
In April 2013 a meeting was held in the chamber of Deputy Commissioner, South Andaman to discuss the operation of Chit fund companies and non banking financial institutions and to suggest further steps to check any prospective fraud.
But sadly the Chit Fund Companies continued their operations in North and Middle Andaman.
Hope similar steps will be taken by Andaman and Nicobar Police in South Andaman region where many such Chit Fund Companies have headquarter.
