₹174 Crore Refunded to Over 4 Lakh Chit Fund Scam Victims in Odisha

Bhubaneswar: In a major relief for victims of chit fund scams, Odisha Chief Minister Mohan Charan Majhi on Monday informed the Assembly that more than 4 lakh depositors have received refunds across multiple fraudulent schemes in the state.

In a written reply, the Chief Minister stated that a total of 4,27,487 investors affected by multi-crore chit fund scams have been reimbursed so far.

Major Refunds from Key Chit Fund Firms

According to official data, around ₹128 crore has been refunded to 3,27,642 investors out of 8,78,953 linked to firms such as the Rose Valley Group, Goldenland Group, and Hi-Tech Estate Promoter Group.

Additionally, ₹47 crore has been disbursed to 99,845 small depositors through the Corpus Fund, based on recommendations of the Chit Fund Commission.

Asset Seizure Aids Recovery

The state government has also generated over ₹8.5 crore by confiscating assets of eight chit fund companies. Authorities are continuing efforts to seize both movable and immovable assets of 68 illegal financial institutions to facilitate further refunds.

Legal Challenges Persist

However, the recovery process continues to face legal hurdles, with courts staying 42 confiscation orders, slowing down the pace of asset recovery and disbursement.

The ongoing efforts reflect the state government’s commitment to providing relief to lakhs of investors affected by one of Odisha’s largest financial frauds, despite legal and administrative challenges.