Alchemist chit fund latest news 2018
Alchemist Chit Fund is a popular chit fund company in India that has been in the news for various reasons. Here are some of the latest news updates about Alchemist Chit Fund as of 2018:
- SEBI Crackdown: In August 2018, the Securities and Exchange Board of India (SEBI) imposed a penalty of Rs 1 crore on Alchemist Chit Fund for violating regulatory norms. The company was found to have issued unsecured and redeemable non-convertible debentures (NCDs) without complying with the regulatory requirements.
- Investor Complaints: In July 2018, the Reserve Bank of India (RBI) received complaints from several investors who had invested in Alchemist Chit Fund's schemes. The investors alleged that the company had failed to return their investments and had also not provided any interest on their deposits.
- Company's Response: Alchemist Chit Fund denied all the allegations and claimed that it was a legitimate business entity that had been operating in the country for over two decades. The company stated that it had been facing financial difficulties due to the economic slowdown and the demonetization of high-denomination currency notes in 2016.
- Investigation by Enforcement Directorate: In June 2018, the Enforcement Directorate (ED) launched an investigation into Alchemist Chit Fund's activities under the Prevention of Money Laundering Act (PMLA). The ED is investigating whether the company had laundered money or engaged in any other illegal activities.
- Court Orders: In May 2018, the Calcutta High Court ordered Alchemist Chit Fund to pay a compensation of Rs 1.5 crore to a group of investors who had invested in the company's schemes. The court also directed the company to return the investors' deposits with interest.
- RBI's Warning: In April 2018, the RBI warned Alchemist Chit Fund against accepting deposits from the public, citing concerns over the company's financial stability and regulatory compliance. The RBI also asked the company to stop issuing any new schemes or accepting fresh deposits.
These are some of the latest news updates about Alchemist Chit Fund as of 2018. It is essential to note that the company's activities and financial health are subject to change, and investors should exercise caution and do their due diligence before investing in any scheme or company.