On the auspicious occasion of Dhanteras, the state government has taken strict action against the Yalsco Real State and Agro Farming Ltd, a chit fund company which defrauded investors, and sold its assets and returned Rs 7.33 crore to its investors on Thursday. This came out as a big relief for the investors, and as a small token of gift for Dhanteras for the people of the state, strengthening their belief on the provision of social justice, stronger in the state.
The Chief Minister, Bhupesh Baghel, transferred the amount online into the accounts of the investors in a program organized at his residence office here. Baghel had already mentioned that, mere FIRs on fake chit fund companies are not sufficient, and they will work sincerely towards returning the investors’ money by selling the assets of the company.
Under the leadership of Chief Minister Baghel, the state government took strict action on the fake chit fund companies and aimed at returning the deposits to the investors as a priority. He himself reviewed the progress in the cases continuously. During the past two years, the state government had started investigating cases of fraud and FIR against fake companies and aimed at returning the money to investors. Also, cases registered against local youth working in the company were also withdrawn.
Additionally, taking a step further from the promises made in the election manifesto, the Chief Minister had affirmed, that legal scrutiny will be tightened on fake companies and the amount will be returned back to the investors, by selling the assets of the fraudulent comapnies.
On receipt of complaints against Yalco Real State and Agro Farming Limited, the chit fund company of Rajnandgaon, the Rajnandgaon Collector had collector had collected relevant information about the properties, holdings and assets, in which a total of 292.36 acres of immovable property owned by the directors were found. The final order for attachment of this land was passed by the Special Court. After this, the attached properties were auctioned by the concerned departmental officers. So far, Rs 8. 15 crore have been received from this auction. Auctions of one-one property from Rajnandgaon and Churia tehsils are yet to be auctioned.
Claim objections were received from investors of the company from July 27, 2020 to August 27, 2020. A total of 17171 investors submitted a claim of Rs 24.75 crore. After the scrutiny of applications, 16796 investors were found to have submitted claims with complete information.
Since the amount received by the auction of properties at present is just one-third of the claimed amount, the decision has been taken to return Rs 7,32,95,528 to 16796 investors, which is 30% of the claimed amount, by a 5 member district-level committee. The remaining amount of auction of Rs. 82,38,817 will remain left.
Thus, a total of 16796 investors, including 197 in Orissa, 2971 in Maharashtra, 42 in Madhya Pradesh and the remaining 13586 belonging to different districts of Chhattisgarh, will be paid a total of 7,32,95,528 Rs. (Seven crores thirty-two lack, ninety-five thousand and five hundred twenty-eight rupees) directly in their bank account via NEFT.
Over Rs. 9 crores recovered from chit fund companies since the past two years
Instructions have been given by the Chief Minister Mr. Bhupesh Baghel to take strict action against the chit fund company operators. In the same sequence, in the last 02 years, on receiving a complaint of fraud against 34 companies, 63 cases were registered and 43 directors, 08 officials were arrested and stringent court action was taken. In the last 02 years, out of the total number of pre-2018 cases, 80 accused of 43 cases have been arrested from other states, including 39 accused from Madhya Pradesh, 9 accused from Maharashtra, 5 accused from Rajasthan, 9 accused from Odisha, 7 from Delhi, 2 accused from West Bengal, 7 accused from Uttar Pradesh. There are 02 accused from Bihar. Till 2018, no company assets were auctioned nor any amount was seized in the state. In the year 2019, the police sent a report to the District Collector for attachment proceedings in a total of 123 cases after continuous action for identification of movable and immovable property of chit fund companies and their directors. District collectors presented a report to the court for final order of attachment of property of 29 irregular financial institutions and directors. Out of this, in 17 cases till now, the court has passed the final order of attachment and after auction, recovery proceedings were done, Rs 9.04 crore were deposited in the account of the government. A total of Rs 22.94 lakh was returned to 10 investors. Auction recovery proceedings in 02 cases are under process. Action is under process for interim order of attachment by District Collector in 84 cases.
Relief to Agents-
The state government is truly sensitive towards the agents. In the past years, local agents were criminalized, but in 59 cases involving 104 local agents arrested after 2019 have submitted applications to become official witnesses in the court. 130 agents have been made official witnesses in 42 cases.