BJP Fulfills Key Poll Promise on Chit Fund Scam
In a significant move to fulfill one of its major poll promises, the Bharatiya Janata Party (BJP)-led Odisha government has begun fast-tracking the refund process for small depositors who were defrauded by chit fund companies. The initiative, which was a core electoral commitment during the 2024 general elections, aims to bring long-awaited relief to lakhs of duped investors.
Rs 47 Crore Refunded in One Year
Over the past year, the Odisha government has disbursed ₹47.07 crore to 1,26,137 small depositors — the highest annual refund since the chit fund scam came to light. A senior government official noted that, in comparison, the previous Biju Janata Dal (BJD) government refunded ₹119 crore to 2,79,109 depositors over a span of 10 years from 2014 to 2024. “The current administration has adopted a more proactive and decentralised approach to refunds,” the official added.
CM Mohan Majhi Sets New Target: 5 Lakh Refunds in 4 Months
Chief Minister Mohan Charan Majhi has directed officials to complete refunds for another 5 lakh depositors within the next three to four months. “We are committed to ensuring every affected individual receives their hard-earned savings. Several steps are being taken to streamline the refund process,” read a statement from the Chief Minister’s Office (CMO). Among the measures is decentralising the refund mechanism to district levels for faster implementation.
Massive Scam: 70 Lakh Victims, Rs 4,600 Crore Lost
According to official estimates, around 70 lakh people in Odisha were duped of nearly ₹4,600 crore through illegal chit fund and ponzi schemes over the last decade. The refund drive is seen as a response to widespread public anger, which became a central election issue in 2024. During the campaign, BJP state president Chandan Brahma had promised to complete the entire refund process within 18 months of coming to power.
Property Auctions of Illegal Firms Underway
To meet this ambitious deadline, the government has stepped up efforts to generate funds. Recently, properties of 35 illegal chit fund firms — confiscated by the Special Investigation Team (SIT) — were auctioned. The proceeds are being directed toward compensating the victims.
Public Response: Mixed Sentiments Among Victims
The renewed refund activity has been welcomed by many investors. Sujit Tripathy, a victim who lost ₹15 lakh in a 2017 chit fund scam, said, “Previous governments barely moved the file. If this one is serious and maintains the pace, completing the refunds in 18 months is realistic.”
However, not everyone is convinced. Some depositors remain sceptical, citing past unfulfilled promises. Laxmi Sahu, a resident of Balasore district who lost ₹15,000 in a 2012 ponzi scheme, remarked, “We’ve heard this before. Unless the money reaches our hands, it’s hard to believe.”
Looking Ahead
With the Odisha government racing against time to complete the refund drive, public attention remains focused on its delivery. If successful, it could mark a crucial turning point in restoring trust in the state’s financial regulatory framework and delivering long-overdue justice to lakhs of defrauded citizens.
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