Home BIG STORY Odisha chit fund scam: Online application for refund from Mar 15

Odisha chit fund scam: Online application for refund from Mar 15

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Odisha Sun Times Bureau
Bhubaneswar, Feb 27:

In what could be termed as a major reprieve for duped chit fund investors in the state, Odisha government would accept online requisition for refund of money from March 15, official sources said today.

CHIT FUND SCAM

State Finance Minister Pradeep Amat today said that online application for refund of money will begin from March 15 for which an applicant will have to approach a Panchayat Jana Suvidha Kendra and follow necessary steps for refund of money.

“As many as 23 cases have been filed against 21 chit fund companies. We have initiated process to confiscate the properties of five chit fund companies in the state. Investors can apply at Panchayat Jana Suvidha Kendra and refund process will begin from March 15,” Finance Minister Pradeep Amat said.

Notably, at least 8.17 lakh investors have been duped by dubious companies in the state assuring them of high returns.

It may be mentioned that the Cabinet yesterday approved the proposal for amendment of Odisha Protection of Interests of Depositors (in financial establishments) Act, 2011.

As per the proposed amendments, a competent authority will be entrusted with the power to sell property which is subject to speedy and natural decay quickly for maximum realisable amount to safeguard the interest of depositors. Besides, it defines a small depositor as one who has invested less than Rs 10,000.