Bhubaneswar: The Economic Offences Wing (EOW) of Crime Branch has proposed to the State Finance Department confiscation of the properties of Vista Management Services Ltd, a chit-fund company, said sources on Thursday.
The investigating team today submitted relevant documents to the Finance department for confiscation of Vista Management Services’ properties, including 14 acres of land, six vehicles and Rs 3.86 lakh in bank deposits.
Vista Management Services had started its operations in Odisha in 2008 and collected deposits through its branches promising to provide attractive returns with 30% interest annually. The company also lured investors and took money from them in the name of providing plots and flats at attractive rates.
A case was registered with the EOW in 2015 following the sudden disappearance of Vista with depositors’ money.
Meanwhile, the Crime Branch had investigated the matter and arrested five people, including the managing director of the chit fund company Deb Kumar Panda, two directors – Manoj Kumar and Bijay Kumar Swain and a chartered accountant.
It is alleged Panda had collected around Rs 50 crore from public by floating various schemes promising heavy returns.