Rs 174 crore returned to depositors across multiple schemes

Bhubaneswar: More than 4 lakh victims of chit fund scams in Odisha have received refunds so far, Chief Minister Mohan Charan Majhi informed the Assembly.

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

Major refunds from Rose Valley and other chit fund firms

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

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

Asset confiscation drives recovery efforts

The state government has also generated over Rs 8.5 crore through the confiscation of assets belonging to eight chit fund firms. Authorities have been actively pursuing the seizure of both movable and immovable assets of 68 illegal financial institutions to facilitate further refunds.

Legal hurdles persist in recovery process

However, the recovery process continues to face legal challenges, with courts staying 42 confiscation orders, the Chief Minister noted.

The ongoing efforts reflect the state’s push to provide relief to lakhs of investors affected by one of Odisha’s largest financial frauds, even as legal and administrative hurdles slow the pace of full restitution.