Jharkhand which has the “distinction” of having the weakest co-op movement in the country is not lagging behind when it comes to chit-fund companies cheating people in the name of cooperatives.
Revelation that fake chit fund companies are doing business in violation of the cooperative society Act in various districts of Jharkhand has led to CBI conducting searches at the premises of 12 such companies, reports Punjab News Express.
CBI sources say the High Court of Jharkhand had ordered the CBI to take over the investigation of this large-scale fraud. Readers would recall that Jharkhand is
The main allegation is that these suspect companies without any authorization have been collecting deposits from the public through their agents on commission basis.