Chitfund scam in Odisha: 2.59 lakh depositors to get back their money soon

Bhubaneswar: There is a piece of good news for people who have lost their money in the multi-crore chitfund scam in Odisha.

As many as 2, 59, 280 depositors of two ponzi firms—GLP Developers Limited and Golden Land Developers Limited—will get back their money soon, sources said.

These people have invested up to Rs 8,000 each in the two ponzi firms. A special court, dealing with the chitfund case, has allowed the Cuttack Additional District Magistrate (ADM) and competent authority to disburse Rs 92,58,78, 201 among the duped investors of the two ponzi firms.

The competent authority will disburse the amount from the funds accumulated through the auctioning of the movable and immovable assets of the two ponzi firms, sources added.

After getting clearance from the special court, the competent authority has initiated measures for disbursal of the money among the investors.

“We have already written to all Collectors in this regard. The depositors will get back the money through their bank accounts by furnishing all documents with regard to their investment in the two firms,” said Cuttack ADM (Revenue) Umakant Raj.

Notably, the two firms had collected huge sums from the depositors from several districts in Odisha by floating various attractive schemes prior to 2014. However, they did not provide the dues of the investors, sources said.

The Economic Offences Wing (EOW) of the Crime Branch had registered a case against the two firms after receiving complaints in this regard from the investors.

The competent authority had auctioned the assets of the firms as per the direction of the special court.

As many as 4,76, 102 investors of the two firms had submitted their applications before the Finance department of the state government seeking refund of their deposits to the tune of Rs 479,55,43,274, sources said.