New Delhi: The SFIO probe ordered by the government into illegal money-pooling activities of various entities would initially focus on 57 companies, most of which are in West Bengal, Odisha, Bihar and Assam. The Special Task Force under the Serious Fraud Investigation Office (SFIO) would begin its probe with a total of 57 companies, but the ambit could be expanded as the investigation process moves ahead, sources said.
Most of these companies are operating in eastern states, including West Bengal, Odisha, Bihar and Assam, although the Task Force could have mandate for a country-wide probe, they added.
Sources also said most of these companies are not actually registered as chit funds, and their activities are also more in the nature of Multi-Level Marketing, collective investments or other money-circulation schemes which are broadly known as 'ponzi' schemes.
SFIO might need to rope in experts from outside, as the probe could eventually extend to a large number of companies. The Corporate Affairs Ministry ordered the SFIO probe on Thursday amid a raging controversy over alleged duping of lakhs of investors by Kolkata-based Saradha group through their money-pooling activities....more
05:30 PM, Apr 26, 2013