SFIO to be set up in State very soon: Sachin Pilot

--Centre to support State for CBI probe in chit fund scam

Meeting at Hotel Mayfair

BHUBANESWAR: “We are going to open an office of the Serious Fraud Investigation Office (SFIO) in Odisha within a couple of weeks to investigate serious cases of fraud,” said Corporate Affairs Minister Sachin Pilot while briefing media persons here on Friday.

Pilot said that the SFIO has four offices in New Delhi, Mumbai, Chennai and Hyderabad, but there is no single office in the eastern part of the country. So the Ministry decided to open an office at the capital city of Odisha, he added.

On the demands of opposition parties and investors for CBI probe into the chit fund scam in the State, Pilot said that they would help the State Government for CBI probe in the State. “We don’t have any problem to order CBI to probe into the case, but the State should apply for the same,” the Minister said.

Pilot emphasised on criminal investigation in the chit fund scam. “I don’t think the Commission of Inquiry has the power of criminal investigation,” he said, adding, “Only arresting and then preparing charge sheets against the fraudsters would not solve the purpose unless until they get exemplary punishment for duping the investors and it can be possible through criminal investigation.”

Pilot also suggested stringent action against the owners of chit fund companies who cheated lakhs of small investors in the State. He agreed that the State Government has lacunae due to which the chit fund firms spread their fraudulent empire to dupe the poor investors.    

Pilot attending an Investors’ Protection and Awareness Meet held here said that the Ministry is constantly trying to inform and educate investors, particularly the small investors in far-flung areas of the country, where the tradition of investment in companies and Capital Market is relatively recent.

Instances of duping of inexperienced investors through dubious money circulation schemes in the recent past have brought home the need to redouble such awareness efforts, he asserted.

He said that the Central Government is determined that such unscrupulous activities be ended. The Minister said that investigations by SFIO into 54 such companies are already on and would be fast-tracked to book the offenders, he added.

Pilot asked for a progress report on the chit fund companies in the State that are being investigated by the State Government agencies.