BJP MP from Mumbai North-East, Mr. Kirit Somaiya has written a letter to Maharashtra Chief Minister Prithviraj Chavan expressing serious concern over the KBC chit fund issue. Mr. Somaiya has claimed that despite repeated requests, the state government has failed to take any prompt action against several fraudulent companies that are mushrooming in Maharashtra.According to Mr. Somaiya, around ten lakh small investors, including farmers, workers and middle class people, have been duped by KBC Club and Resort Private Limited. The Mumbai MP has demanded strict action from the state government against the promoters of KBC chit fund. He has also asked market regulator SEBI and the Registrar of Companies to initiate suitable action against the company so as to protect these small and innocent investors.