Odisha chit-fund scam: Panel for refund of money

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Bhubaneswar | Updated: May 26, 2016 8:12:20 AM

The Justice M M Das Commission, which is inquiring into the multi-crore chit-fund scam in Odisha, on Wednesday recommended a refund of money...

The Justice M M Das Commission, which is inquiring into the multi-crore chit-fund scam in Odisha, on Wednesday recommended a refund of money to about 26,976 small investors of the state who had deposited their money in about 85 Ponzi firms.

The commission’s secretary, Debraj Rout, submitted its interim report in a sealed cover to Asit Tripathy, principal secretary in the home department, at the state secretariat.

“The report is on small investors,” Rout told reporters later.

Sources said the panel, in its report, has recommended the process on how to refund money to small depositors who had lost their money to chit-fund firms. They added that the commission has prepared the interim report on the basis of 26,976 affidavits out of the more than eight lakh affidavits filed with it.

The commission, after identifying small investors with below Rs 10,000 deposits has sent show-cause notices to 85 Ponzi firms for refunding money to depositors. While some of the firms have appeared before the panel, some are yet to appear before it.

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