EOW Submits Proposal for Attachment of Safex Properties
Jan 21, 2014
Source : The New Indian Express

 

BHUBANESWAR: The Economic Offences Wing (EOW) of the Crime Branch on Saturday submitted before Finance Department the proposal for attachment of properties of Safex Group of Companies which has been charged with cheating investors.

 The proposal included attachment of 15 acre of land owned by the Group and `5 lakh in bank accounts. This is the fifth ad interim attachment proposal submitted by the EOW after the Odisha Protection of Interest of Depositors (in Financial Establishments) Act 2011 came into force last year.

Safex Group, DIG of EOW Rajesh Kumar said, had mobilised about `10 crore as deposits from investors from four- Ganjam, Khurda, Sundargarh and Mayurbhanj- districts where it operated through seven branches. The company which offered high interest rates had promised the depositors to pay either through land or cash but did not keep its word. Following a complaint, EOW had arrested six of its executives.

Earlier, property attachment proposals of Seashore Group, Saradha Group, Sastra and Flourish India were submitted by the EOW. As of now, Finance Department has cleared the proposals for Seashore, Saradha and Sastra and the competent authorities have already moved the designated courts for absolute attachment of their assets. The proposal of Flourish India is expected to be cleared next week, sources said.

 

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