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State of Tripura
Friday, May 9, 2025

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Unscrupulous NBFCs: Govt on recovery mode, attaches and sales fraud funds’ assets

Tripura Net
Tripura Net
www.tripuranet.com is a daily news, news article, feature, public opinion, articles, photographs, videos etc –all in digital format- based website meant to disseminate unbiased information as far possible as accurate.

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In an attempt to regulate the unscrupulous Non-Banking Financial Companies (NBFCs) popularly known as ‘Chit Funds’ the state government has brought into force rules titled ‘The Tripura Banning of Unregulated Deposit Scheme Rules, 2022’. The cabinet passed the rules in its meeting on Tuesday.

The new rules were felt necessary in the wake of hundreds of sensational frauds that were committed by several Chit Funds companies- a ka Rose Valley, Waris – in the past which put the erstwhile Left Front government in serious fix.

Education Minister Ratan Lal Nath who also holds the portfolio told reporters after the cabinet meeting that following the frauds of several Chit Fund companies in the state that fled with the depositors hard earned money several punitive steps had already been taken.

While several cases were being investigated by various agencies, the state government in the meantime with the approval from the competent courts ‘attached properties of as many as 20 NBFCs. Of them 66 disputed properties were confiscated. The court also allowed the state government to sell 34 properties”.

Till date as many as 15,206 depositors from eight sub-divisions submitted their claims for the recovery of their deposited money.

He said, following state government’s appeal the court permitted sale of properties of Waris at Udaipur, Belonia and Sadar sub-divisions, Ramel and Icore at Sadar sub-division, Kama (Indian) Projects at Santirbazar, Pragatishil Infra Projects and Rose Valley at Kumarghat and Angel Agritech at Udaipur.

Besides, the government also acquired one property of Waris for Sabroom ICP. One building that belonged to the Support India Limited and later was attached by SDM in Kamalpur was given to Punjab National Bank on rent in lieu of Rs 7600 per month. So far total Rs. 12,02,300 came to government’s coffer from this rent.

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