Odisha chit fund scam: SEBI serves notices to Hansda, Naik and Bagarti

Odisha Sun Times Bureau
Bhubaneswar, Aug 23:

Securities and Exchange Board of India (SEBI) today served show cause notices to 13 persons including BJD MP Ramchandra Hansda, former Odisha MLAs Subarna Naik and Hitesh Bagarti arrested in connection with the chit fund scam.

SEBI has served show cause notices to Ponzi firms Nabadiganta Capital Services Ltd and Rightmax International Ltd and their directors.

In the SEBI notice, it has been mentioned that since these persons are involved in fund raising through ‘public offer of securities’ therefore why will they not show cause and refund money collected from investors.

SEBI has fixed August 31 as the next date for hearing on the matter.

Those served with notices can record their stand on the matter during the hearing.

The country’s securities market regulator has served notices to ten from Nabadiganta Capital Services Ltd and three from Rightmax International Ltd.

Hansda, Naik, and Bagarti are currently in jail in connection with the Nabadiganta chit fund scam.