Rose Valley chit fund scam: Over 2 lakh depositors get back money, says Odisha minister

As many as 2,38,477 small depositors in Odisha, who had invested in the Rose Valley ponzi firm, have got back their money worth Rs 60.22 crore, informed Finance Minister Niranjan Pujari to the Assembly on Monday.

“As many as 4,76,102 depositors have given applications to get back their money from Goldenland Developers. From 30 chit fund companies in the State, only the depositors in Rose Valley have been identified and they have been refunded the money. Other applications of the depositors in different chit fund companies are being audited,” said Pujari to the House while answering a question of BJD MLA Soumya Ranjan Patnaik.

Earlier in 2018,  a special court hearing the case of the Rose Valley chit fund scam under the Odisha Protection of Interest of Depositors Act had ruled that 2,38,477 small depositors will get their money back.

The Supreme Court of India had also asked the Odisha government and the CBI to submit a report on the steps taken to refund the money of the chit fund beneficiaries in the State. The Orissa High Court had also directed the competent authority to return the money to investors duped by chit fund companies maintaining a first come first release basis.

(Reported by Jagdish Das)