BHUBANESWAR: The Economic Offences Wing (EOW) of the State Government on Wednesday submitted a proposal before the Finance Department seeking confiscation of the assets of Golden Land Developers Ltd which is charged in the chit fund scam.
The Delhi-based firm was booked in six cases last year for cheating depositors to the tune of several crores of rupees. The total assets of the firm could run into `100 crore. It is also one of the 43 firms under investigation by the Central Bureau of Investigation (CBI).
In its ad interim attachment proposal, the EOW listed 53.65 acre land the firm had acquired in Kandhamal, Bhubaneswar and Puri. Besides, its bank accounts carrying a whopping `84 crore have also been included in the list apart from `3.61 lakh in cash.
The firm, DIG Rajesh Kumar said, started operation in 2007-08 and set up branches in Kandhamal, Boudh, Ganjam and Puri districts. It mostly dealt in real estate. Promising interest in the range of 25 per cent to 47 per cent per annum, it received deposits from people.
Golden Land Developers also offered property to the investors after maturity of the schemes and issued certificates to them, though without any particulars of the land.
When the investors asked for their return after the scheme maturity, Kumar said, it did not make any payment. Rather, the depositors were asked to enrol in a new scheme.
This is the 12th confiscation proposal submitted by EOW in the chit fund scam. In total, 15 ad interim attachment proposals have, so far, been submitted in the State.