Balasore: The state government has initiated the process of refund of money to small depositors who had invested in ponzi schemes, in Balasore Wednesday.
The administration made online transfer of over Rs12.48 lakh into the bank accounts of 200
depositors.
Reports said 69 depositors in Remuna block, 31 in Bhograi, 43 in Basta, 15 in Bahanaga, 9 in Jaleswar and 42 in Soro block got back their deposits in the first phase. Scores of ponzi firms have fleeced crores of rupees from thousands of people across the state on the promise of high returns. Balasore district recorded the highest number of chit fund frauds.
When many depositors were frustrated after they were unable to get back their money from chit fund companies, the state government took it seriously and set up a special commission to look into the frauds.
The government had assured that chit fund victims would get back their money after it confiscates the assets of chit fund firms.
Accordingly, the government gave top priority on identifying the small investors and has started refunding their money. However, as the refund process got delayed, chit fun victims staged protests in various parts of the state.
Though the process got delayed, refund of money has brought a sigh to investors who have long been waiting for their money.
Under the supervision of District Collector Ramesh Chandra Rout, refund of chit fund money was started in Balasore Wednesday. The refund will be carried out in a phased manner.
The administration has planned to refund money to 49 ponzi victims in Nilagiri, 38 in Simulia and 200 in Balasore block next Thursday.
ADM Manas Ranjan Padhi said a total of 1,096 ponzi victims have been identified in the district who will get refund of their deposits to the tune of Rs 69 lakh in a phased manner.
Refund of ponzi deposits begins
