Chit Fund Relief: Odisha Government Simplifies Refunds, Promises Wider Payouts
Key Points
Over 1.26 lakh small depositors compensated in just one year.
CM Majhi directs officials to complete payouts in 3–4 months.
Refund process now faster and more transparent at the district level.
Bhubaneswar, Jul 2: In a major relief to victims of the chit fund scam, the Odisha government has significantly ramped up the refund process for small depositors.
Under the directive of Chief Minister Mohan Charan Majhi, the refund mechanism has been simplified and decentralized to the district level, ensuring faster and more accessible compensation.
According to official data, in the past one year alone, the state government has refunded ₹47.07 crore to 1,26,137 small depositors who were defrauded by various chit fund companies. This marks a sharp contrast to the previous decade (2014–2024), during which only ₹119 crore was returned to 2,79,109 depositors.
The Chief Minister has now instructed officials to expedite the process further and ensure that an additional 5 lakh depositors receive their compensation within the next 3–4 months.
📱 Get Argus News App
✨
The move is part of the government’s broader commitment to justice and financial restitution for those affected by fraudulent investment schemes.
The state is also working on new guidelines to streamline the refund process, aiming to eliminate bureaucratic delays and enhance transparency. These reforms are expected to benefit thousands more who are still awaiting relief.
read more Odisha news