Chit Fund Scam: Odisha issues guidelines to identify Genuine Depositors

Bhubaneswar, Oct 21: Over a million people were duped by chit fund companies in Odisha. The Odisha government has order for the identification of genuine depositors to initiate a drive to repay the funds to the depositors.

Notably, the chit fund companies in Odisha have collected money from depositors to the tune of Rs 4,600 crore by giving false assurance of doubling their money in short span of time.

As per the guidelines of the state finance department, the additional district magistrates (ADMs) will seek applications from the depositors to make a list of total depositors’ district wise. This process would begin after orders passed by the designated court under Odisha Protection of Interest of the Depositors Act.

Over this the ADMs will advertise on newspapers and websites seeking application from the depositors for the refund. ADMs will prepare list of depositors and send to state CID or police for the field verification.

After the field verification is completed, final list comprising ‘district-wise depositors’ will the submitted at the court of the repayment of money. The state government is likely to start the reimbursement upon completion of the drive and further officials proceedings.