Congress promises to tackle chit fund frauds if voted to power

Congress general secretary Avinash Pande on Tuesday said his party if voted to power in the general elections, will bring in strong legislation to curb cheating by chit fund companies. Pande said Rs 49,200 crore of 5.85 lakh investors in the country were due with the PACL company, and if his party forms the government at the centre, a strict law will be brought in to stop such crimes.

He said PACL scams victims in the state had asked the Congress party, in the run-up to the last assembly elections here, to look into the matter. Accordingly, party president Rahul Gandhi directed Congress-ruled governments in Rajasthan, Madhya Pradesh and Chhattisgarh to work on measures to provide relief to such victims, Pande said.

The Rajasthan government had issued a circular in March to all district collectors to collect details of all PACL victims in respective districts, he said.