Bhubaneswar: The Odisha Government has refunded Rs 49.67 crore to chit fund victims over the last 14 months, Chief Minister Mohan Charan Majhi informed the Assembly on Monday.

Replying to a question from Bhograi MLA Goutam Buddha Das, the Chief Minister said a total of 1,33,755 depositors of Rose Valley Group of Companies, Goldenland Group of Companies, and Hi-Tech Estates Group have been refunded on the recommendation of the Chit Fund Commission.

The Commission, in its interim report, had recommended repayment to 4,72,651 small investors from the state’s corpus fund. Of this, Rs 46 crore has already been refunded to 96,801 victims.

To facilitate compensation, the state government has created a Rs 300-crore corpus fund for small investors duped by fraudulent chit fund companies.

According to the Economic Offence Wing (EOW), as many as 24,75,782 depositors invested nearly Rs 6,860 crore in various illegal Ponzi firms across Odisha. Refunds to genuine victims are being made from the auction proceeds of these firms, as per the orders of designated courts under the Odisha Protection of Interests of Depositors (in Financial Establishments) Act, 2011 (OPID Act).

So far, Rs 123 crore has been refunded to 3,16,063 depositors under the OPID Act. The Chief Minister assured the House that the government is taking steps to expedite the refund process.