......The petitioner said the Securities and Exchange Board of India and the Reserve Bank of India were unable to control the chit funds and the Saradha Chit Fund scam was a serious threat to the economy. Due to lack of coordination among different agencies, the State government was unable to stop the illegal activities of the chit funds under the Chit Fund Act. The individual investors had no remedy and the State agencies were not performing their duties to protect the small investors. Hence the present writ petition...........
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