West Bengal to hold seminar on risks of investing in chit fund companies

State Consumer Affairs Minister Sadhan Pande said, “The seminar will be organised during the 3-day long ‘Consumer Affairs Fair’ to be held at Netaji Indoor Stadium from September 15.”

By: Express News Service | Kolkata | Published: September 5, 2016 12:17 am

Worried by the resurgence of chit fund cases in the state, the consumer affairs department will hold a seminar from September 15 to make people aware of the risks of investing in chit fund companies.

State Consumer Affairs Minister Sadhan Pande said, “The seminar will be organised during the 3-day long ‘Consumer Affairs Fair’ to be held at Netaji Indoor Stadium from September 15.” He added that the step was taken to inform people about how chit funds can cheat them of their hard-earned money. The department has also decided to introduce an app to lodge complaints in these cases.

In July, the department received around 70 complaints regarding chit fund scams. By August, 30 more complaints were lodged from different parts of the state, particularly from North Bengal, East Midnapore and South-24 Parganas, officials said.

Sources said that since the Saradha scam had been unearthed, new chit fund groups were functioning, but very discreetly. Instead of advertising, they relied on publicity by word-of-mouth. Previously, Chief Minister Mamata Banerjee had also “urged” people to steer clear of such schemes.

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