Chit fund depositors demonstrate in 4 districts

Investors in chit-fund schemes in four southern Odisha districts of Ganjam, Gajapati, Kandhamal and Koraput today staged a demonstration demanding early refund of their hard-earned money.
Organised by Odisha Chit-fund Depositors Mahasangha, the depositors took out a rally after which a delegation submitted a memorandum addressed to Governor SC Jamir through the Revenue Divisional Commissioner (RDC) pressing four point demands.
Besides quick identification of investors by the government, the organisation also demanded confiscation of properties of unscrupolous ponzi firms and refund of the investments upto Rs one lakh. They also sought a strong law to check operation of chit-fund organisations.

The government plans to refund investments upto Rs 10,000.
"Only 5 to 7 per cent investors will be benefitted under this arrangement. If the limit is raised to Rs one lakh, around 75 per cent depositors will be benefitted," said Bhala Chandra Sarangi, advisor of the Mahasangh.