Haryana to take action against erring chit fund companies

Raghavendra Rao directed the officers concerned to initiate strict against those chit fund companies which lure depositors by offering interest on deposits and other benefits and later disappear with the money overnight.

By: PTI
Chandigarh | April 29, 2017 10:10 PM IST

1 min read

Haryana government has decided to take strict action against chit fund companies which fail to get themselves registered under the Haryana Protection of Interests of Depositors in Financial Establishment Act, 2013. This was disclosed by P Raghavendra Rao, the additional chief secretary, finance and planning department, at a video conference held with all commissioners, additional deputy commissioners and officers in the offices of lead district managers and other departments, here today.

Rao directed the officers concerned to initiate strict against those chit fund companies which lure depositors by offering interest on deposits and other benefits and later disappear with the money overnight.

Officers of the Police Department were told to initiate legal action against such companies. “Strict action will also be taken against companies which violate the rules of the Act,” he added.

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