AGARTALA, June 30 (TIWN): As in the last affidavit submitted on March 21, the head of SIT did not explain the steps taken to seize the movable property of the NBFCs in past one and half years the HC has asked to submit fresh affidavit on June 30. Earlier Tripura High Court has expressed its displeasure over functioning of Special Investigation Team (SIT) constituted to investigate the cheating cases of Non Banking Financial Companies (NBFC) in the state. A division bench of the High Court, comprising Chief Justice Deepak Gupta and Justice U B Saha, had directed the SIT to submit an affidavit again, detailing the estimations of movable assets of the companies and their top level functionaries. The SIT stated that only in 32 cases it could assess the amount of movable asset but did give detail about the estimation and value to the court. The High Court directed the SIT to re-submit the details before next hearing scheduled on June 30.Earlier, hearing a Public Interest Litigation (PIL), the court had directed the SIT to ascertain the asset details of the companies against which the depositors had lodged complaints with the police and the administration. Later, the High Court also directed all eight district magistrates of the state to file separate affidavit regarding assets of the companies and the administrative steps to recover the money from the NBFCs and their officials. However, the district magistrates mainly re-directed the cases to police.

As many as 77 NBFC cases were referred to SIT last year and only in eight cases the SIT was able to file charge-sheet so far.

However earlier, two persons Rose Valley Director Ashok Saha and Branch Manager Anupam Bhattacharjee were also arrested for collecting money without any valid permission from RBI or SEBI.

Rose Valley has been biggest chit fund operator in Tripura and had presence even in remote tribal areas. The company was first raided in 2011.

According to official figures, the Rose Valley had collected Rs 196 crore during the past three years, out of which an amount of Rs 86 crore has been returned on maturity. The Rose Valley authorities could not give any explanation where the remaining money is.

The Kolkata based chit fund company has several branch offices in West Bengal while over twelve thousand agents are working in the ‘down line’.