Court orders confiscation of properties of Saradha chit fund

A specially designated court today ordered confiscation of properties worth Rs 4 crore of scam-tainted Saradha Chit Fund.

The properties to be confiscated include a land to the tune of 13.64 acre.

“The ad interim order of the Odisha government’s Finance department to attach 13.64 acre land belonging to the company has been made absolute by the court today,” informed government lawyer, Sushil Kumar Ray.

Saradha had allegedly duped lakhs of investors in Balasore along with other districts of Odisha with a promise  of attractive returns through its various chit-fund schemes.