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News Topical, Digital Desk : The Calcutta High Court is now seeking the help of artificial intelligence (AI) technology to return money to victims of chit fund scams. But the question is, who will bear the expenses of the people hired for this process?
Neither the state nor the central government wants to take responsibility for this matter. The court also stated that this work cannot be done with depositors' money. The High Court had entrusted this responsibility to the retired Justice Dilip Seth Committee (Asset Disposal Committee), formed to return the money to depositors affected by the Rose Valley chit fund scam.
Allegations of financial irregularities against the committee
Although this committee has been accused of financial irregularities, a division bench of Justice Rajarshi Bharadwaj and Justice Uday Kumar of the Calcutta High Court had directed SEBI to undertake a forensic audit, but SEBI's counsel made it clear in the previous hearing that they did not have the authority to do so.
On Friday, a division bench of the High Court proposed handing over the Dilip Seth Committee's investigation to the Comptroller and Auditor General (CAG). Information on whether the CAG can undertake this task will be announced next week. Meanwhile, allegations are rife that the Alchemist company committed fraud by collecting ₹1,385 crore from the market on an application of approximately ₹8 lakh.
The High Court has ordered that the Alchemist Group must provide an accounting of the total number of companies it owns and the amount of money invested in them. The next hearing in the case will be on November 19th.
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