Odisha govt requested to grab property price Rs 650 crore from chit fund agency

A particular courtroom right here has ordered the Odisha authorities to connect properties price Rs 650 crore of the Seashore Group in reference to a probe into costs that the chit fund agency defrauded buyers within the state to the tune of 578 crore.
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“The amount generated through public auction of the confiscated properties should be equitably distributed among all the investors, who have been duped by the company,” the courtroom, coping with instances associated to Odisha Protection of Interest of Depositors (Financial Establishments) Act, stated.It ordered attachment of movable and immovable property of the agency together with over 220 acre of land, 1.386 kg gold, two quintal silver, 4 luxurious automobiles and Rs 1.88 crore in money. In December 2013, the courtroom had connected these property beneath the Odisha Protection of Interests of Depositors (OPID) Act. Since the land worth initially connected dates again to nearly ten a long time, the value of the land will now be re-evaluated in accordance with the benchmark valuation of the state authorities.

In December 2013, the Economic Offence Wing of the state crime department had booked of the corporate’s chairman and managing director Prashant Kumar Dash and 44 others for elevating almost Rs 578 crore from folks with out itemizing itself within the inventory market. They allegedly duped buyers after promising excessive worth returns at an rate of interest of 36 % every year.

Dash was arrested by the CBI in 2014 however was launched in July 2017.