Bhubaneswar, Dec 24: Odisha Chief Minister Mohan Charan Majhi on Tuesday claimed that he was also a victim of chit fund scams and urged people to be aware of the activities of ponzi firms to save their hard-earned money.

Majhi said this while addressing a function to celebrate the State Level National Consumers Day here. "I was also a victim of chit fund scams. Two firms had duped me in 1990 and 2002," the chief minister said, adding that he could not get back his money as the process of recovering the money was too cumbersome and too lengthy.

Claiming that he lost the investment in two ponzi firms, the chief minister said he was influenced by the sweet talks made by the firm agents and arranged money to deposit in certain schemes. "However, when the maturity period came, I could not find the companies where money was deposited," he said.

The chief minister said there has been a lot of change now as the Centre has formulated and strengthened regulations to stop cheating and duping of consumers.

The CM praised the BJP-led central government for amending the Chit Funds Act, 1982, in 2019, to ensure transparency in chit fund schemes. He mentioned that the amended legislation addressed the loopholes in the previous Act.

In Odisha, around 70 lakh people were allegedly duped by ponzi firms. Following a Supreme Court order in May 2014, the CBI investigated at least 44 companies, including Kolkata-based Saradha Group and Odisha-based Seashore and Artha Tatwa groups. These ponzi firms reportedly collected around Rs 4,600 crore from people in the state over four years.

Before the 2014 general elections, the then BJD government led by Naveen Patnaik formed a commission and set up a Rs 300 crore corpus fund to refund the duped small depositors. The commission, headed by Justice MM Das, identified around 1 lakh small depositors who lost Rs 10,000 or less.

In response to a written question in the Assembly, Majhi informed that around 2 lakh small investors had already received their money back.

Jayant Das, convenor of the Odisha Khytigratha Jamakari Milita Manch, criticised the state government for not taking measures to refund money to depositors duped by different ponzi firms, despite the ruling BJP’s election promise to refund the chit fund-affected people within 18 months.

However, Housing and Urban Development Minister KC Mohapatra assured that the BJP government would keep its promise and that the depositors would get their money back in the coming days.

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Dubai, Dec 25: Pace spearhead Jasprit Bumrah got a huge boost on the eve of the Boxing Day Test when he achieved the joint-highest rating ever by an Indian player, equalling the record held by spinner Ravichandran Ashwin in the ICC Ranking for Bowlers.

 

The quick gained 14 rating points following his 9/94 in the drawn third Test at Brisbane to not only equal Ashwin's highest-ever 904 rating points but also consolidate his position at the top of the rankings.

Bumrah has a chance to better Ashwin's rating points, which the now-retired off-spinner achieved in December 2016, when the fourth match of the Border-Gavaskar Test begins at the MCG on Thursday.

South Africa's Kagiso Rabada (856) and Australia's Josh Hazlewood (852) are trailing the Indian pacer at the second and third place respectively.

Charismatic Australian batter Travis Head's stellar run in the ongoing series against India helped him climb to fourth spot (825 rating points) in the Test Ranking for Batters. He is still behind the England duo of Joe Root (895) and Harry Brook (876), and former New Zealand skipper Kane Williamson (867).

Head smashed a scintillating 152 at the Gabba to follow up his century in the second Test at Adelaide.

Compatriot Steve Smith's century at the Gabba got him into the top-10 once again.

Among all-rounders, India's Ravindra Jadeja continues to lead the lead the chart with 424 rating points, while Australia skipper Pat Cummins earned his place back in the top-10, following his four wickets and 42 runs in the third Test at Gabba.