Odisha Govt Expdites Process For Refund Of Money To Ponzi Scam Victims

(MENAFN- IANS) Bhubaneswar, July 2 (IANS) The Odisha government has expedited the process for refund of money to the small investors affected by chit fund scams in the state.

As per a statement issued by the Chief Minister's Office (CMO) on Wednesday, following the directions of the Chief Minister, the process for refund of chit fund money has been simplified and decentralised to the district level, making it faster and more accessible.

The state government on Wednesday claimed that after the BJP-led new government assumed power in the state, the refund process has been expedited significantly.

The statement further added that money to the tune of Rs 47.07 crore has been refunded to 1,26,137 small depositors across the state in the past year, which is in stark contrast to the previous government's disbursement of a meagre Rs 119 crore to 2,79,109 investors over a span of 10 years, from 2014 to 2024.

Showing the state government's commitment towards compensating the depositors affected by chit fund scams, the Chief Minister further directed the officials to ensure another 5 lakh depositors receive the financial compensation within the next three to four months.

As per reports, the government authorities have so far confiscated immovable properties measuring 1,472.428 decimals belonging to 35 illegal chit fund firms in Odisha.

Out of this, immovable properties of 56.549 decimals have already been auctioned. The state government has so far issued ad-interim orders for the attachment of movable and immovable assets of 66 sham companies in the state.

The BJP had promised during the general elections last year that it would ensure justice for all the small businesses and return their money stuck in Chit Fund Scams within 18 months of coming to power in the state.

The chit fund companies have looted lakhs of depositors from different parts of Odisha by luring them to invest in various ponzi schemes.

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