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73 'Ponzi' funds will be shut down, says Bengal government

Kolkata, April 30, 2013 (IANS) 21:20 IST
The West Bengal government Tuesday announced it would shut down, by Wednesday, 73 companies against whom the central government has received complaints of indulging in 'Ponzi', or multi-level marketing, schemes.

Making the announcement in the state assembly, Chief Minister Mamata Banerjee said the government was looking into the list of 73 companies named by union Corporate Affairs Minister Sachin Pilot against which the central government has got complaints.

She was speaking in the house after a bill seeking to bring to justice those trying to dupe people by collecting money from them.

"We will close the companies in the next 24 hours," she said.

Banerjee, however, refused to name the companies. "If I say anything it will alert the companies," she later told media persons in the assembly lobby.

Pilot had named the companies during Question Hour in the Lok Sabha March 14.
Banerjee said her government would keep an eye on the financial establishments to ensure poor investors were returned the money.

The chief minister said her government has taken a timely step to pass the bill to protect the interests of the people and it would be an example for the rest of the nation.
She said the relevant bill would be sent to Governor M.K. Narayanan for his signature May 5 once he returns to the state.

Speaking during discussion on the vote of thanks to the governor for his address to the assembly, she alleged that many files and documents of the earlier Left Front regime were now missing, prompting a walk-out by Left Front members.

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