By SANTOSH MOHANTY
Nearly 70 lakh investors who were cheated by Chit Fund agencies in Odisha for years, are yet to get justice. No one knows about the outcome of one-man commission headed by Justice Madan Mohan Das, investigating into the ponzi scam since July 2013 during Naveen Patnaik regime in Odisha. The commission's tenure has ended in February 2020. Top leaders of Bharatiya Janata Party (BJP) during their campaign for election in 2024 had promised to book those involved in ponzi scam if they got the mandate to rule Odisha. But, one year has elapsed ever since it was promised and no action has been taken against the fraudsters. The Odisha government headed by Chief Minister Mohan Charan Majhi is yet to take necessary action against the culprits. Jamakari Milita Manch, the joint front which is spearheading the movement to give justice to victims of Chit Fund, at a meeting in Bhubaneswar recently, has threatened to resort to agitation if the government fails to take immediate action against the fraudsters.
What Is Chit fund?
This is a savings and borrowing scheme which is being adoped in different parts of Odisha by groups and communities, particularly in semi-urban and rural areas, where people get less access to bank or financial institutions. But, the trouble began when the market was taken over by people with dubious character who promised doubling and even tripling of deposits attracting huge number of investors and enventually got duped.The Chit Fund agencies like Saradha Group, Artha Tatwa, Seashore, Rose Valley and Green Ray International offered high returns against their deposits in a few months. This ploy used by the Chit Fund companies worked well as they could successfully target the low income group, petty traders and investors who are swayed away by the promise of earning a lot of money. While Saradha Group duped nearly 17 lakh investors by collecting Rs 3,500 cr from Odisha, Seashore Group swindled people with promises of high returns. Chit Fund companies like Rose Valley, Green Ray International and Golden Land duped scores of gullible investors in Odisha by taking away over Rs 3000 crore simply doling out false promises for doubling the invested amount in a short span.
How People Were Cheated?
Studies have indicated that lack of financial education is the main cause responsible why people are cheatd by Chit Fund companies.These studies, which were based on surveys participated by a large number of affected persons, further said the tricks used by the chit fund operators for doubling and tripling of their investments are the driving force behind their concurrence to invest their hard earned money. Involvement of media and political people in Odisha also encouraged the bosses of Chit Fund companies to go on a cheating spree fearlessly. A number of BJD MLAs were involved in ponzi scams during Naveen Patnaik regime in the state. Likewise, owners of some language daily news outlets in Odisha were also involved in promoting the cause of Chit Fund scamsters. As the media was involved, the Chit Fund agencies got the much needed mileage, and at the same time people in rural sector believed that these are legitimate agencies upon whom they can trust.
Refund Strategy:
The then BJD government headed by Naveen Patnaik in Odisha set up a corpus fund of Rs 300 cr in 2013 to refund money to those who had incurred a loss of Rs 10,000 or less. Nearly 95,000 small depositors were identified by the government for refund of their money they have lost to fraudsters. To expedite the process, the government launched a website allowing the affected persons for submission of their claims. But, till date nothing has been done to mitigate the sufferings of people affected by the Chit Fund companies. The present dispensation in Odisha headed by Chief Minister Mohan Charan Majhi should take immediate action for digitizing and early disposal of pending applications. It is the responsibility of the government of the day to regulate stricter policies to discourage Chit Fund companies to flourish again in the state. People of Odisha have voted the present government to power to break the unholy nexus between politicians, media and swindlers responsible for the scam.
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