Govt attaches properties of 'cheat' fund company
Jan 21, 2014
Source : The Times of India

 

BHUBANESWAR: The state government has ordered attachment of properties of Flourish Development India, which is accused of misappropriating nearly Rs 100 crore of over 5,000 investors in the state.

The finance department on Saturday passed an order transferring the control of the Flourish properties to ADM (Sambalpur). The government issued the orders under Section 3 of Odisha Protection of Interest of Depositors (in financial establishments) Act, 2011. The government also asked special public prosecutor, designated court under the law, to conduct trail of cases against the company.

The Economic Offences Wing of the Crime Branch (CB) had requested the government for attachment of properties of the company and had submitted the detailed seizure list. The properties include 250-acre land in Khurda and Puri, besides vehicles and other movable properties.

The CB had arrested company's CMD Ballav Prasad Nayak and former CMD Prasana Kumar Das on July 17.

The finance department had issued similar orders earlier in November and December last year to attach properties of Saradha Group and Seashore Group respectively.

Control of properties of Seashore has been transferred to ADM (Cuttack). The group has been accused of siphoning off over Rs 1,500 crore depositors' money. The department has given control of properties of Kolkata-based Saradha Group to ADM (Balasore). The group is accused of embezzling Rs 20,000 crore investors' money.

 

 

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