Depositors of Rose valley Chit Fund Get Back Money; Depositors of other Ponzi Firms Await Refund

Bhubaneswar: Money worth Rs 60.22 crore has been returned back to around 2,38,477 Odia depositors, who had been duped by the Rose Valley Chit Fund firm. State Finance Minister Niranjan Pujari informed this in the Odisha assembly on Monday.

Only the depositors in Rose Valley have been identified and they have been refunded the money. Other applications of the depositors in different chit fund companies are being audited, said Pujari, while answering a question from BJD MLA Soumya Ranjan Patnaik.

in 2018,  a special court hearing the case of the Rose Valley chit fund scam under the Odisha Protection of Interest of Depositors Act ruled that 2,38,477 small depositors will get their money back.

Around 30 chit fund companies had cheated small depositors of Odisha.  Around 4,76,102 depositors duped by Goldenland Developers had given applications to get back their money.

The Supreme Court of India had also asked the Odisha government and the CBI to submit a report on the steps taken to refund the money of the chit fund beneficiaries in the State. The Orissa High Court had also directed the competent authority to return the money to investors duped by chit fund companies.