Govt taking strict steps against chit fund firms trying to reopen under new names: Tripura finance minister

“Some applications for trade licenses for these companies were forwarded to the Directorate of Institutional Finance through different municipal councils, nagar panchayats and the Agartala Municipal Corporation (AMC),” Roy said, adding that the directorate then sought the opinion of the Reserve Bank of India (RBI).

Citing examples of some chit fund companies that had resumed operation recently, the minister said a firm named Harit Krishi Cooperative Bank had opened several branches in the state but the government later shut down all its branches as per the guidelines of the RBI.

Roy added, “The state government recently observed activities of another company called DL & Bharat Finance and Utility Services, initiated investigation, arrested a person and involved the RBI in the case. The RBI informed later that the firm was not registered with them, though it is informally affiliated with M/S Hoogmatic Advisory Private Limited, which was endorsed by the Registrar of Companies. Details were sent to the RBI for further information.”

He also said that the state government is organising special awareness drives in collaboration with the Directorate of Institutional Finance, the RBI and Cyber Crime Cell of the Tripura Police. Such awareness drives were earlier conducted in West Tripura, South Tripura, Dhalai, Unakoti, Sepahijala and Gomati districts while similar initiatives will be taken in the other districts soon.

While chit fund companies had earlier swindled millions of rupees from the people and rolled down shutters, action against them was among the major promises which catapulted the BJP to power in 2018.

Shortly after the BJP-led government was formed in Tripura, former social welfare minister Bijita Nath and former PWD minister Badal Choudhury were quizzed by the CBI sleuths over the Rose Valley chit fund scam.

Former CPI(M) state secretary late Goutam Das was also quizzed on the chit fund investigation. Former chief minister Manik Sarkar, who earlier attended an event of Rose Valley at an amusement park in 2008, had claimed that his government was unaware of the chit fund company’s real intentions.