The Odisha government announced that 3,27,642 genuine depositors affected by chit fund scams have received Rs 128 crore in compensation.
Chief Minister Mohan Charan Majhi informed the Assembly that district collectors disbursed the funds after auctioning assets and seizing bank deposits of three illegal financial companies — Rose Valley Group, Golden Land Group, and Hi-Tech Estate Promoter Pvt. Ltd.
Majhi said the process of returning money to remaining genuine depositors is ongoing. He added that the state created a Rs 300 crore corpus fund to compensate small depositors. Based on seven interim reports of the inquiry commission and regional investigations, identified that small depositors are receiving their actual deposits as compensation from this fund.
So far, 99,845 small depositors have received Rs 47 crore from the corpus fund. The Chief Minister emphasised that the government remains committed to ensuring justice for all victims of fraudulent financial institutions.
The Economic Offences Wing continues to investigate complaints filed by depositors. Authorities have registered cases against several financial firms. The government has issued ad-interim attachment orders for properties of 68 illegal financial institutions after examining 90 proposals. Designated courts have confirmed 42 of these attachment orders, making them absolute.
Majhi assured that the compensation process will continue until all genuine depositors receive their dues.
