Chit Fund Case: Jharkhand HC Grants Time To State Govt To Challenge Order In SC

The Jharkhand High Court on Thursday has granted time to the state government to challenge its order in the Supreme Court in connection with a case related to the return of money to investors by chit fund companies.

A PIL was filed by the Non-Banking ‘Abhikarta Ewam Niweshak Suraksha Samiti’ through its president Javed Akhtar to seek a direction from the High Court to ensure the return of funds.

A bench of Chief Justice Sanjaya Kumar Mishra and Justice Ananda Sen on September 11 ordered the government to ensure that a high-level committee headed by a former chief justice of the high court and 2 other members be appointed and look into the procedure for the return of funds to the investors.

The state counsel informed the high court that it intends to challenge the order of the bench on the formation of a committee and return of funds in a period of 45 days.

The bench comprising of Chief Justice Sanjaya Kumar Mishra and Justice Ananda Sen while accepting the plea of the government adjourned the matter and will hear it again on December 6.

The court was informed earlier that the CBI and the ED have seized money deposited with the chit fund companies and is lying in different banks.

The petitioner stated, the money rightfully belongs to investors who have been cheated of their hard earned money and it should be returned to them at the earliest.