HC order against Sai Pragati

Cuttack: Odisha High Court on Friday directed the state crime branch police to expedite investigation into the activities of Sai Pragati Properties and Assets a Bhubaneswar-based group of companies, which has allegedly duped over Rs 500 crore from around 85,000 investors.

Disposing of a batch of writs Justice Indrajit Mahanty also asked the crime branch sleuths to ensure that all accused in the case are arrested.

Apprehending that the accused persons might escape to foreign countries, the High Court allowed the investigating police officers to obtain necessary orders from the trial court in order to prevent the accused from leaving the state or the country.

The High Court order came after the state government submitted a status report of the police investigation stating that at least five persons, including CMD of the Group Debashis Mohanty, were arrested in connection with the case.

The status report also said that two bank accounts of two separate companies of the Group having a combined deposit of over Rs 2.70 crore had been frozen.

However, not satisfied with the effort of crime branch police, the High Court asked it to work expeditiously in recovery of the Companies` assets as possible so that the investors got back their invested amounts.

The Company had allegedly duped several people in real estate business and investment scheme.