Chit fund scam: Large depositors grappling with uncertainty over refund

Balasore: While the process of identifying duped small depositors of various chit funds is underway, resentment is brewing among the large depositors who are staring at uncertainty over receiving refund.

Many investors of Barapada village under Remuna block of the district had deposited their money in Rose Valley chit fund. Though investors were hopeful that the State Government would compensate them after the chit fund was closed, eight years have passed since and they have not received their money.

“The identification process was carried out both at panchayat and block levels but we are yet to get the money. We would be really happy if the government takes steps to return our money before the elections,” said a defrauded investor, Manjulata Das.

Indrajit Panda, who has been categorized as a large investor, alleged, “The Chief Minister had himself assured to refund the money before the elections. We also put our trust on the CM and voted him to power, but even after ruling for five years, the government is yet to disburse the money.”

Another investor, Bijay Kumar Nayak alleged, “I had invested Rs 25,000 in Rose Valley but have not received a penny yet. The administration had taken necessary documents from us and said that we will receive the money once the CBI probe into the matter is complete. They are delaying the payment in the name of CBI investigation.”

Reports said, as many as 34, 042 small depositors have been identified in Balasore district for which the refund started on February 4.  The Additional Collector, Manas Ranjan Pati informed that a total of Rs 12, 41, 84, 053 will be refunded to those depositors.

Pati said, “We are collecting the documents. The Collector is directly sending the money to the accounts after obtaining the bank account numbers and IFSC codes from the depositors. If all of them submit their indemnity bonds, we will complete the process by the end of this month.”

Earlier on February 19, an association of affected-investors – Milita Khyatigrasta Jamakari Mancha had staged a demonstration in Bhubaneswar demanding refund for large depositors. However, the State Government sought more time for the refund.