Odisha to identify small depositors cheated by chitfund cos

In its bid to help small and marginal investors allegedly duped by different chitfund companies in the state, the Odisha government will soon start the process of identifying the victims.
The investors who have filed petitions with the judicial commission dealing with the matter, will have to make fresh applications to get back their money before the additional district magistrates (ADM).
The ADMs will conduct a preliminary inquiry and then an on-spot inquiry on whether the investors applied before the judicial commission are genuine.
According to the Orissa Protection of Interests of Depositors (in Financial Establishments) Act, 2011 (OPID) rules, once the court gives its interim verdict, the ADM will publish advertisements in the media to seek applications from investors.

Investors or depositors who are victims, will have make fresh applications as per the process detailed in the advertisement to get refund of their money.
The Odisha Computer Application Centre (OCAC) has developed the required software for the investors seeking refund of their deposits.

According to the finance department guidelines, the district collectors and SPs will form a special team for the area coming under each police station, which will comprise of a sub-inspector, revenue inspector, amin and extension officer, who will verify the depositors claim.
Different chitfund companies had allegedly collected about Rs 4,600 crore from the public in Odisha.

The state government in May this year had announced that depositors losing Rs 10,000 or below would be considered as small depositors and would be refunded money on priority basis.