CUTTACK: Bringing cheers to lakhs of duped depositors of Rose Valley Group, the Special Designated Court dealing with chit fund cases here on Thursday directed the State Government to refund the deposits of small investors.
In its order, the court has asked the Cuttack ADM, the competent authority, to disburse a total fund of Rs 92.08 crore among 2,38,477 identified investors. The court has stated that the investors with deposits of Rs 7,000 or less will get a total refund. Similarly, people who had deposited more than Rs 7000 and less than Rs 10,000 will get Rs 7000 with 52 per cent of the remaining deposit over and above Rs 7000.
The court further mentioned that the Revenue Inspectors (RIs) would identify the investors at the panchayat level first and then begin the process of fund disbursal through online. The refund money will be deposited in the bank accounts of the depositors, informed Special Public Prosecutor Subrat Mohanty.
Acting on the directions of the Special Designated Court on February 25, 2015 and March 20, 2018, Cuttack ADM, the competent authority, had acquired total Rs 92.08 crore by auctioning fixed and movable properties of the firm at Rs 29.96 crore and recovering company’s bank deposits amounting Rs 62.11 crore.
Later, it filed a case in the court seeking permission to disburse the money among the duped investors.
In the petition, the competent authority had also mentioned that the total realised amount was not sufficient as a sum of Rs 226.67 crore needed for refund of deposits to 2,85,545 duped investors of the Rose Valley Group.