Bhubaneswar: Odisha Crime Branch (CB) on Monday initiated process of confiscating properties of Flourish Development India Pvt Ltd in connection with multi-crore chit fund scam in the state.
Sources said the Economic Offences Wing (EOW) of the CB submitted relevant papers to State Finance Department for attaching properties of the chit-fund company.
"During the invetigation we came to know Flourish India owns 251 acres of land and two costly four-wheelers. Besides we had freezed the company's bank account with deposits of Rs 12.46 lakh. We wrote a letter to the State Finance department seeking permission for attachment of movable and immovable properties of the company," said Rajesh Kumar, DIG, Crime Branch.
Flourish India has been accused of duping investors of Rs 100 crore. The company lured investors with an assurance of attractive returns and collected money from depositors through more than 130 branch offices across the state.
Notably, the investigating officials have already arrested three officials of the company on charges of duping investors. The company's MD Aditya Kumar Bisoi, former CMD Prasanna Das and MD Ballav Prasad Nayak are currently in jail.
Earlier, the state government had accorded permission to confiscate properties of Kolkata-based Saradha Group and Seashore Group.