Attach properties of Ponzi firms, says economic offence wing
EOW has moved the finance department to attach movable and immovable assets of the two companies
Feb 14, 2015
Source : The Times of India

 

BHUBANESWAR: The economic offence wing (EOW) of the state crime branch on Thursday proposed to the finance department that it attach the properties of two money circulation companies owned by Khirod Mallick, brother of BJD MLA and former minister Pramila Mallick. 

The EOW arrested Khirod on October 27, 2014, on charges of floating the unlicenced money circulation firms — Biswa Chit Fund and Credible Micro Finance — and duping investors of more than Rs 10 crore. EOW sources said Khirod also collected deposits from people through various wings of his NGO, Biswa. 

"We have moved the finance department to attach movable and immovable assets of the two companies. The cost of those properties would be around Rs 70 crore," EOW DIG Sanjay Kumar said. 

The EOW located 10 acres of land (located in Sambalpur and Bhubaneswar), bank deposits worth nearly Rs 55.54 lakh, two buildings in Sambalpur and a fuel filling station in Sambalpur, owned by Khirod. 

"Khirod's Credible Micro Finance was a non-banking financial company (NBFC). He was not authorized by the Reserve Bank of India (RBI) to collect deposits from people by luring them with high interest rates. But he violated the norms and collected crores of rupees between 2006 and 2012. The RBI had cancelled the firm's licence in June last year," said another EOW officer.

In 2012, the Gajapati district administration received complaints from some investors and started a probe into Khirod's company. The administration sent a report to the RBI and confirmed that the company collected crores of rupees illegally by promising to double the investments in two and a half years, EOW sources said. 

The RBI had issued a show-caused notice to Khirod and asked him to return the money to investors. "Though Khirod had given a written undertaking that he would repay the money, he reneged on his promise. The RBI recently asked the state finance department to initiate action against him. The finance department lodged a complaint with us in December first week," the officer said. 

Khirod had landed behind the bars in the past as well. On May 24, 2012, the commissionerate of police arrested him for his alleged involvement in an acid attack on a man in Mancheswar area here in October 2011. Pramila, legislator of Binjharpur, refused to comment on her brother's involvement in the alleged Ponzi scam. 

Latest Realty News

Karnataka-to-probe-misuse-of-land-by-industries
Feb 14, 2015
Bengaluru: Karnataka chief minister Siddaramaiah promised the legislative assembly that the government would conduct an inquiry into the alleged misuse of land acquired by industries
Global-Investors-Meet-Builds-Hope-for-Realtors
Feb 13, 2015
CHENNAI: Ahead of the inauguration of Global Investors Meet to be held here on May 23, real estate developers in the city are busy charting out new strategies to showcase brand Tamil Nadu and Chennai across the globe
Singapore-fund-Equis-invests-Rs-720-crore-in-mid-income-housing-firm-Assetz
Feb 13, 2015
BENGALURU: Asian infra investor Equis Funds Group has invested Rs 720 crore or $116 million in property developer Assetz
Grade-A-commercial-properties-in-tier-2-and-tier-3-cities-appear-on-the-radar-of-investors:-Anuj-Pur...
Feb 13, 2015
Pune: Pune, Chennai, Hyderabad and Kolkata will start attracting sizeable investments in the realty space along with the top three metros of Mumbai, NCR and Bangalore, says Chairman and Country Head, at JLL India Mr Anuj Puri
Realty-boom-spawns-rise-in-buyer-builder-problems
Feb 13, 2015
NAVI MUMBAI: The booming real estate business and growing demand for houses and flats has also led to more complaints from home buyers
Singapore-model-to-make-Mumbai-slum-free:-experts
Feb 12, 2015
Mumbai: If the Maharashtra government adopts the Singapore government's housing and development board (HDB) model, then Mumbai will be slum-free
Give-water-use-details-or-will-seal-projects:-NGT
Feb 12, 2015
NOIDA: The National Green Tribunal (NGT) has warned Noida Authority it will seal all builder projects
Land-pooling:-Ryots-to-weigh-legalities-today
Feb 12, 2015
Hyderabad: Farmers from the 10 riverside villages who are opposed to land pooling are intensifying their efforts to stall the state government from taking any vindictive measures
Highest-ever-top-line-for-Sobha-in-Q3-FY15
Feb 12, 2015
Mumbai: Sobha Developers launched ‘Sobha Aspirational Homes’ in Balagere, Bengaluru in the fourth quarter of this fiscal
SC-refuses-blanket-stay-for-DLF-on-CCI-proceedings
Feb 12, 2015
NEW DELHI: The Supreme Court yesterday refused to impose a blanket stay on proceedings pending in the Competition Commission of India (CCI) against real estate company DLF

Latest Realty News Of State

Realty Talk's