Tag: Chit Fund Scam

The Enforcement Directorate (ED) has been interrogating Seashore Group CMD Prashant Das because it is said that the ED is convinced that more assets of Das haven’t been attached as yet. 

Worth mentioning, the company has been booked in six cases for cheating depositors to the tune of several crores. Apart from Odisha, the mega raid is going on in 20 other places across the country.

As per initial reports, the raids are being conducted at 10 places in Odisha including Ganjam and Bhubaneswar. Apart from this, raids are also underway on the properties linked to Golden Land Developers Limited which is a Delhi-based company.

The victims of Sahara chit fund scam organised a massive rally today and gheraoed the RDC in Berhampur of Ganjam district demanding the return of their invested money.

Accused Nasir Khan was granted bail by the Orissa High Court for his involvement in the Fine India chit fund scam.

The charges were framed against former Choudwar-Cuttack MLA, Prabhat Biswal and his wife Laxmibilasin for their alleged involvement in the multi-crore chit-fund scam.  

The bizarre state of affairs exposes the state government’s tall claims of refunding the money of the duped investors. The affidavits and other important documents have been rotting in the Buxi Bazar-based office.

Sashikant floated a Ponzi scheme and promised the investors in his village and around Aul to double whatever money they deposit in the scheme, in three months.

Kar was arrested based on the complaint filed by one Mahamanya Jena of Sahadebkhunta area in Balasore district. The complainant had alleged that Kar had induced him to invest in an App/website- ‘Cloud-Fut’ for earning extra money.

So far, the enforcement agency has attached both moveable and immovable assets of the ponzi firm worth Rs 1,171 crore.

Following the allegations, the Economic Offences Wing (EOW) arrested Nilesh. He has been sent to judicial custody.

The Supreme Court of India had also asked the Odisha government and the CBI to submit a report on the steps taken to refund the money of the chit fund beneficiaries in the State.

Notably, the alleged involvement of some leaders of the BJD including Jena in the multi-crore ponzi scam came to light after the national probe agency took over the case in May 2014. The Supreme Court of India had directed the CBI to investigate the matter.

The court has asked the CBI not to linger the case anymore.

While the chit fund beneficiaries are still waiting desperately to get back their hard-earned money, the appointment of amicus curie has rekindled their hope.