Chit fund -ponzi scheme
Avishek
(Querist) 13 January 2014
This query is : Resolved
i am going to file a writ petition under article 226 of the constitution of india seeking a direction from the Constitutional Court for making over the investigation to CBI of a case wherein a chit fund agency had defrauded huge amount of money to the tune of rupess of many coror from the investor who had invested varied amount in its myriad scheme with the hope that there invested money will be multiplied with the time mentioned in the enrolled scheme.The concern Police Station has registered a case u/s 420,402 etc of I.P.C pursuant of the complaint lodged by my client against the chit fund. The police,after registration of the complaint,did not do anything and the investigation is going on a snail pace.Even allegation of collusion by the police with the miscreant are writ large in the locality wherein the agency is situated.no arrest has been made till now. In this regard my specific query is :
1.whether can i set in motion the machinaries of Enforcement Directorate against this large scale scam by forwarding the complaint lodged by my client in the P.S with a representation of my client for initiating probe by the enforcement directorate?
2.whether similar step can be initiated for a probe by the SEBI(Security Excahnge Board Of India)
3. whether the writ court can give direction to the machinaries mentioned aforesaid to act on such representation of my client?
i am contemplating to beseech the probe by Enforcement Directorate ,SEBI in addition of my prayer of CBI investigation before the court.
Devajyoti Barman
(Expert) 13 January 2014
It would be better oif you ask CBI S in such Ponzi schemes than asking for SEBI intervention.
SEBI is neither equipped nor auhtorised to cause wide spread investigation beyond particular company.
Rajendra K Goyal
(Expert) 14 January 2014
Agree CBI inquiry fetch desired results.
T. Kalaiselvan, Advocate
(Expert) 14 January 2014
SEBI has got nothing to do in this case. If the police investigation is not satisfactory, you may in your writ petition seek direction to the police to transfer the case to CBI.
