Rose Valley Scam: Court directs Odisha Govt to refund money of depositors

Cuttack: In what could bring a ray of hope in the lives of lakhs of depositors in the Rose Valley chit fund firm, the Special Chit Fund Court here has directed the Odisha government to refund the deposits of the small investors.

As per reports, there are as many as 2,38,477 investors for whom the State will disburse a total fund of Rs 92.08 crore.

The directive of the Court mentioned that the Revenue Inspectors (RI) would identify the investors at the panchayat level first and then begin the process of fund disbursal through online mode. The refund money will be deposited in the bank accounts of the depositors, sources said.

This apart, the Court stated that the investors with deposits of Rs 7,000 or less will get a total refund, while those who had deposited more than Rs 7000 and less than Rs 10000, would be refunded Rs 7000 plus 52% of the remaining deposit over and above Rs 7000, in their respective accounts, sources added.