Twice fell victim to chit fund scam, didn’t get any refund: Odisha CM

Chief Minister Mohan Charan Majhi openly shared his experiences on Tuesday of being a victim of the chit fund scam twice in the past. Speaking at a National Consumer Day event, the CM recounted how he lost money to fraudulent schemes in 1990 and 2002.

One of the chit-fund organisations was then being operated by a government body and another by a non-governmental organisation (NGO).

CM Majhi revealed that he invested in these organisations expecting profitable returns, but they ultimately collapsed, leaving him with no effective remedy. He further mentioned his futile attempts to reclaim the lost funds under the Consumer Protection Act, 1986.

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The CM’s disclosure comes as a cautionary tale in the ongoing efforts to raise awareness about financial fraud, highlighting the utmost need for vigilance among investors.

“I think, those among you who have the age or were earning money during 2010 and were keen to invest their earnings through different organisations for the future, must have fallen victim to fraud,” the CM said while addressing a huge gathering.

“I am too a victim. We were trapped in such situations when we were lured by handsome profits. We thought at that time, it would be a wonderful opportunity to invest,” the CM stated on the occasion of National Consumer Rights Day.

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“I was cheated twice by a government and a non-government organisation,” the Chief Minister said.

“I arranged the money and invested. Subsequently, I came to learn that it was a fraud. What to do then, whether to lodge an FIR or do anything else. The organisations closed their businesses and vanished,” the CM added.

Worth mentioning, the National Consumer Rights Day observed every year on December 24 commemorates the enactment of the Consumer Protection Act, 1986.