Bihar Deputy CM demands CBI probe into ponzi schemes

PATNA: With a large number of people falling into the trap of ponzi schemes, Bihar Deputy Chief Minister Sushil Modi today demanded a CBI inquiry instead of by SFIO into how these groups were collecting money from the public.

The Serious Fraud Investigation Office, which was asked by the Centre to look into 73 chit fund fraud cases, has over 90 per cent of its posts vacant, Modi told reporters.

"With such a huge vacancy, how will SFIO probe a matter of such importance?" he asked and demanded a CBI inquiry into the case.

Modi, who is also the chairman of Empowered Committee on GST, said till completion of a thorough inquiry into dealings of these companies, a ban should be imposed on their operation as they were taking advantage of loopholes in the laws.

"The central government should intervene and make changes in the law to plug loop holes," he said, adding that he has been long demanding formulation of rules for such steps.