EOW Proposes to Attach Assets of Two Chit Fund Companies
May 02, 2014
Source : The Times of India

 

BHUBANESWAR: The Economic Offences Wing (EOW) on Saturday proposed for attachment of assets of two chit fund companies which had been booked for running illegal money circulation schemes in the State.

In the proposal submitted to the Finance Department, the EOW sugested attachment of movable and immovable assets of the Green Ray International and Astha International  so that the competent authorities can go for absolute attachment of property before designated courts could intervene.

Green Ray International, which operated mostly in Balasore and other parts of north coastal Odisha, possessed at least 20 acre land which had been confiscated by the EOW. Similarly, `57 lakh in banks and another ` 9.5 lakh in cash were frozen during last year’s raid. Seized assets of the company, which also dealt in gold trading, included 246 gram gold and another 9.5 kg silver.

Besides, the EOW has been trying to follow leads about the firm’s operations in other States of India as well as in Nigeria.

Astha International had spread its operations to West Bengal apart from running real estate schemes in Odisha. The EOW had stumbled upon 27.343 acre land the firm had possessed in Bengal besides 16.39 acre in Odisha. Apart from some cash, expensive cars were also seized.

With this, the EOW has submitted ad interim attachment proposals for 10 chit fund firms since the Odisha Protection of Interest of Depositors (in Financial Establishments) Act 2011 came into effect last year. In all eight previous cases, the Finance Department has already issued attachment orders to the respective competitive authorities.

The EOW is hopeful that the auction process would start by July since there is statutory period during which the attachment and public notice processes have to be completed.

Additional Director General of Police, Crime Branch BK Sharma said the estimated cumulative assets of 10 firms which have been proceeded against is in the range of `700 crore-`800 crore. The firms include big names such as Seashore Group, Saradha Group, Sastra and Flourish India.

In fact, the total cash seizure from these chit fund firms during the raids that had started last year stands at `40 crore while another `128 crore has been frozen in different bank accounts.

The total volume of land seized is about 700 acre of which 200 acre are located in and around Bhubaneswar. Besides, the EOW has also sealed 17 residential buildings and apartments most of which are in the Capital apart from five industrial factories in Jagatpur and Khurda.

DIG, EOW Rajesh Kumar said three cases were registered against Astha Group while Green Ray is facing 13 cases. Of 13 cases, chargesheet has been submitted in 10.

 

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