CB seeks property attachment of Saradha
Bhubaneswar: Less than a week after the Economic Offences Wing (EOW) of Odisha Crime Branch sought permission of the State Finance department to attach properties of scam tainted Seashore Group, on Monday it submitted a similar proposal to confiscate the assets of Saradha group in connection with the multi-crore chit fund scam.
"We have submitted a proposal to the state government seeking interim orders for attaching the properties of the group in the state," an official said.
The government will study the proposals and issue ad-interim attachment orders and send it for execution to the competent authority. Within 30 days, the competent authority shall make a prayer to the designated court for making these ad-interim orders absolute.
The designated court will conduct hearing and pass an order within 180 days. If the court passes an absolute order, the money and properties would be used to compensate investors.
The Kolkata-based group, which was operating in Odisha since 2010, has allegedly duped thousands of investors mostly in the coastal districts of Puri and Balasore. According to reports, the group had collected Rs 1,740 crore in cash through collective investment schemes in West Bengal while the figure in Odisha is Rs 70 crore.
Besides, according to the group’s tainted boss Sudipta Sen’s tell-all letter to CBI, the group owns 14 acres of land in Balasore and Sambalpur.
The CB officers furnished a list of the properties and bank accounts of the company to the finance department.
On November 11, the CB had submitted a similar proposal seeking attachment of money and properties of the Bhubaneswar-based Seashore Group in the multi-crore-rupee chit fund scam.
After the presidential nod to the Odisha Protection of Interest of Depositors (in Financial Establishments) Act 2011 in August and framing rules under it, the Odisha government has geared up to attach properties of the unscrupulous companies in an effort to refund the investors’ money.
“We are in the process of vetting the property documents of all tainted non-banking financial companies (NBFCs) against whom cases have been registered. Once completed, we’ll propose the government for their asset confiscation,” police commissioner Rajendra Prasad Sharma had said.