Court orders auction of propoerties of 2 chit fund cos

  • | Friday | 4th February, 2022

Cuttack, Feb 4 (PTI) A special chit fund court here on Friday directed the Cuttack administration to auction properties of two chit fund companies that had duped people who had invested their savings in their ponzi schemes. A total 18 acres valued at Rs 1.05 crore and moveable properties of nearly Rs 9 lakh will go under the hammer. The chit fund court, dealing exclusively on matters related to the Odisha Protection of Interest of Depositors (OPID) Act, directed distribution of the sale proceeds equitably among the investors. Movable assets and bank deposits worth over Rs one crore of Orissa Homes Pvt. Ltd and Trisat Estates and Construction were seized earlier under the OPID Act Landed Properties. The finance department had passed an interim order in December 2018 attaching the seized properties of the two chit fund companies which had duped 153 people in Khurda district of Rs 7.55 crore. The OPID court had made the attachment "absolute". The companies had collected the money from people with a promise to provide them houses at different localities near Khurda town. But they did not even after the expiry of the deadline and also failed to return the money to the investors. The case was investigated by the economic offences wing of Odisha police. PTI HMB KK KK KK

If You Like This Story, Support NYOOOZ



Your support to NYOOOZ will help us to continue create and publish news for and from smaller cities, which also need equal voice as much as citizens living in bigger cities have through mainstream media organizations.

Stay updated with all the Latest Cuttack headlines here. For more exclusive & live news updates from all around India, stay connected with NYOOOZ.

Related Articles