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of <h1>Ministry Investigates 96 Chit Fund Firms for Fraudulent Schemes Under Chit Funds Act, 1982 and Companies Act, 1956.</h1> Chit fund companies have been under investigation by the Ministry of Corporate Affairs due to fraudulent schemes, as per the Prize Chits and Money Circulation Schemes (Banning) Act, 1978. State Governments are responsible for registering and prosecuting these companies under the Chit Funds Act, 1982. The Ministry has ordered investigations against 96 companies through the Serious Fraud Investigation Office under the Companies Act, 1956. These investigations complement actions by state police. The Companies (Incorporation) Rules, 2014, mandate that companies involved in financial activities must have names indicative of their business.
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