West Bengal’s cooperative minister Jyotirmoy Kar has said some organizations have wangled registration for themselves from the centre as multi-state cooperative credit societies and begun doing chit fund and ponzi business in the state.
The minister said this has set off fears of renewed attempts by these fake societies to plunder the unsuspecting public. They do not have NoC from the state nor do they have the required permission from the RBI, the minister claimed.
According to the minister, an enquiry recently done has shown that former chit fund and ponzi plans have changed their names and resurfaced as multi-state cooperative credit societies to gather money once again from the general public, the minister said.
The comeback of fly by night companies has given the state the jitters, say sources with knowledge of the matter.