Odisha Govt To Introduce New Guidelines For Chit Fund Scam Refunds

The Odisha government is drafting new guidelines to expedite the refund process for depositors defrauded by chit fund firms, Chief Minister Mohan Majhi announced on Monday.

Responding in writing to a query from Congress MLA Sofia Fidrous during Question Hour, the CM emphasized that the objective is to ensure a transparent and hassle-free refund process.

So far, 96,474 beneficiaries have received refunds totaling ₹45.69 crore. “We are taking swift measures to ensure the remaining depositors get their money back at the earliest,” Majhi assured.

Massive Fraud and Inquiry Commission Findings

Chit fund firms in Odisha reportedly collected around ₹4,600 crore from nearly a million people through fraudulent schemes. The Justice M.M. Das Commission of Inquiry, which investigated the unauthorized collection of public deposits, submitted seven interim reports recommending compensation for 4,97,844 small investors and identifying over 450 fraudulent companies responsible for the scam.

Opposition Criticism Over Delays

BJD MLA Sarada Jena questioned the delay, recalling the BJP’s 2024 pre-election promise to refund depositors within three months. “It has been nine months, and now the government is only considering new guidelines,” Jena pointed out.

Congress MLA Tara Prasad Bahinipati dismissed the move as a political gimmick. “The BJP had promised refunds immediately after coming to power, but not a single depositor has been summoned or compensated,” he alleged.

BJP Defends Its Move

BJP MLA Saroj Pandhi countered that the previous BJD government was responsible for the scam, accusing it of allowing chit fund firms to loot people. He also highlighted alleged irregularities in the ₹300-crore corpus fund meant for small depositors.

“They are objecting now when the CM is introducing guidelines to streamline refunds and ensure victims get their money back,” Pandhi argued.