Mamata Banerjee brings new bill to regulate chit fund companies

The West Bengal government passed a new bill at the state Assembly on Tuesday to protect investors from chit fund companies. The Mamata government has been facing severe criticism after Saradha chit fund scam broke last week.

“This is a timely and relevant step taken by the government. We realize our shortcomings only when something like this happens. Our whole purpose is to return money to the poor depositors. We have received names of 73 companies from the Centre which are under scanner. No company who cheats people will get away,” Mamata Banerjee said.

“We have announced closure of 6-7 units belonging to two financial deposit-taking companies which were established in 2011. The two companies were among the list of 73 companies operating out of Bengal which are under the scanner of the union corporate affairs ministry. We have ordered that the closure of those units should take place within 24 hours,” She added.

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