BHUBANESWAR: The Economic Offence Wing (EOW) of Crime Branch (CB) on Tuesday proposed the finance department to confiscate property of Ashore Group, accused of cheating depositors of more than Rs 25 crore in Odisha.
The EOW submitted a seizure list to the finance department, seeking confiscation of the company's 28 acre and Rs 85 lakh. "The lands are located in Mayurbhanj and Balasore districts. The market value would be not less than Rs 5 crore," said ADG (CB) B K Sharma.
The dubious money circulation company came under police scanner in 2012. On August 2, 2012, the EOW swooped on offices of Ashore Group in Bhubaneswar and Balasore. Four senior functionaries of the company, including its CMD, were arrested. Sources said the firm was into illegal money circulation to the tune of Rs 3 crore a month.
The EOW sources said the company was set up on November 18, 2010. The company allegedly collected crores of rupees from gullible investors, promising them to double their money in quick time.
The company had forayed into pharmaceutical business in Balasore, CB sources said. However, the company's website described it was dealing with life insurance, general insurance, loans and deposits, equity trading and land-related products.
The CB and Odisha police have so far sought confiscation of assets of 11 controversial companies in Odisha under the newly-enacted Odisha Protection of Interests of Depositors in (Financial Establishment) Act. Earlier CB had moved the finance department with proposals to confiscate assets of Seashore Group, Saradha Group, Astha, Green Ray, Sastra, Safex and Flourish India. Property attachment process of Artha Tatwa Group by commissionerate of police also started a few weeks ago.
The CB and different district police stations froze nearly Rs 127 crore bank accounts of chit fund companies between 2012 and July 2013. Besides, more than Rs 86 lakh, 203.8 kg silver and over 1.5 kg gold were seized from different companies during raids.