17 districts in Odisha fail in timely pay-back to chit fund scam victims

As many as 17 districts have failed to ensure timely disbursement of compensation to small investors affected by chit fund scam in the State.
Image used for representational purpose only. (File photo | Reuters)
Image used for representational purpose only. (File photo | Reuters)

BHUBANESWAR: As many as 17 districts have failed to ensure timely disbursement of compensation to small investors affected by chit fund scam in the State.

A recent report of the State Government on distribution of financial aid to ponzi scam victims reveals that 935 small depositors in Balasore, Gajam, Cuttack, Jagatsinghpur, Nayagar, Dhenkanal, Khurda, Mayurbhanj, Jajpur, Kendrapara, Bhadrak, Kalahandi, Koraput, Sambalpur, Keonjhar and Bargarh districts are yet to receive their money.

Of the total 5,685 small depositors identified by the Commission of Inquiry in its first and second reports, 4,728 have been compensated. However, 371 investors in Ganjam, 116 in Balasore, 90 in Nayagarh and 376 in the remaining districts are yet to get any compensation.

Admitting that payment of compensation has been delayed due to slow field verification of claimants, an official said, “Despite several instructions, 17 districts have not cleared compensation to all the identified small depositors. Now, the district administrations have been asked to complete the payment process within a week.

Similarly, the Commission in its third and fourth reports had ordered field verification of 94,576 claims to identify genuine investors and digitisation of the list by July 2018. The task is, however, yet to be completed in Balasore, Kendrapara, Keonjhar, Boudh, Balangir and Kalahandi districts.The panel had also submitted a list of 1.01 lakh small depositors in its fifth report and asked the State Government to finish field verification by December 2018.

The process is yet to be completed in nine districts such as Mayurbhanj, Cuttack, Puri, Dhenkanal, Subarnapur, Angul, Kalahandi, Kandhamal and Rayagada.The report suggests that of 2,38,477 small investors duped by Rose Valley, around 10,000 have received their money. While the required funds have been set aside to compensate the victims, bank deposits of  Rs 92.73 crore of the firm has also been attached for refund, the Government said.

Meanwhile, rs 5.37 crore has been released for payment of compensation to 10,553 small depositors in 12 districts identified in third and fourth reports.In the sixth report, which was submitted recently, the Commission has identified 1,43,463 small investors after examining 2,24,253 affidavits of investors of 522 chit fund companies.

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