Enforcement directorate plans to attach Seashore property
The Crime Branch had identified over 156 acre land among other properties of Seashore
Oct 31, 2014
Source : The Times of India
Seashore

 

BHUBANESWAR: The enforcement directorate (ED) is planning to re-attach the Seashore Group's properties, which were earlier seized by the Crime Branch.

The economic offence wing of the Crime Branch had on November 11, 2013 moved the state finance department to attach the sealed assets of the company, which would run into more than Rs 200 crore.

"We are contemplating to approach the state government to stop the process of attachment of the properties. Since we are investigating the money trail of the company, we may go for fresh attachment of assets" said an ED officer. At present, Seashore Group's CMD Prashant Dash is being interrogated by the ED.

The Crime Branch had identified over 156 acre land, seized 1.3 kg of gold, two quintal of silver, some luxury cars, sealed some industrial houses and buildings and froze Rs 2 crore-bank deposits of the Seashore Group.

Experts said if the ED attaches the assets, there is little chance of investors getting back the money. "ED's prevention of money laundering act (PMLA) 2002 is limited to attachment and confiscation of property. The confiscated assets will remain in the government treasury. This will not help the investors in any way," said lawyer Siddharth Das.

"However, the Odisha Protection of Interest of Depositors (in Financial Establishments) Bill, 2011, has the provision of returning confiscated properties to duped investors. The bill not only entails confiscation and liquidation of assets, but also restitution of money to duped depositors," said Das.

While more than 6,50,000 people were duped of Rs 4,375 crore between January 2012 and June 2013, by several chit fund companies, the Seashore Group alone is accused of embezzling over Rs 1,500 crore deposits from thousands of people from across the state.

Established in 2005-06, Seashore conglomerate forayed into money circulation, real estate and gold trading among some other trades. The firm executed several projects in partnership with the state government, raising eyebrows about possible patronage by some ruling party politicians to the firm.

Dash, arrested from Mumbai on June 19, 2013, is still behind bars. About 37 cheating cases were registered against him by police in different districts.

Latest Realty News

BMC to lease out spaces in markets
Oct 31, 2014
Bhubaneswar: The municipal corporation has decided to lease out its share of space to traders and business houses after it failed to sell them
FDI in real estate may double after easing of rules: NAREDCO
Oct 31, 2014
NEW DELHI: Foreign direct investment (FDI) in the real estate sector could jump over two-fold in the next one year
HCL chairman Shiv Nadar buys Rs 115 crore Delhi bungalow for daughter Roshni
Oct 31, 2014
NEW DELHI: In one of the latest bulge-bracket property deals in the national capital, HCL chairman Shiv Nadar has bought a bungalow in the Friends Colony East area of Delhi for Rs 115 crore
Real Estate Industry Hails Government Move to Ease FDI Rules
Oct 31, 2014
New Delhi: India's real estate industry hailed the government's decision to relax FDI rules in construction sector
Easier FDI in real estate means govt is inflating India’s urban housing bubble
Oct 31, 2014
New Delhi: India's relaxed rules for foreign direct investment (FDI) in construction will make it easier for foreigners to invest in real estate
Delhi Development Authority to have incentive policy for green buildings soon
Oct 30, 2014
NEW DELHI: The Delhi Development Authority is drafting a policy on financial and non-financial initiatives to promote green buildings in the national capital
Festivity buoys Uco
Oct 30, 2014
Calcutta: Public sector Uco Bank has registered an over 67 per cent year-on-year growth in retail credit during the festive season, largely driven by the strong demand for home loans
Property prices likely to remain stable for next 6 mths: Survey
Oct 30, 2014
Mumbai: Even as the overall sentiment in the real estate sector has improved, buyers feel property prices across top 10 cities are likely to remain stable for the next six months
Centre relaxes norms for FDI in construction
Oct 30, 2014
New Delhi: The government has relaxed the norms for allowing foreign direct investment (FDI) in the construction development sector
Tata Housing Opts For Surmount Energy's BIM Consultancy Services
Oct 30, 2014
Navi Mumbai: TATA Housing has chosen Surmount Energy for BIM Consultancy for the proposed residential project in Kolkata

Latest Realty News Of State

Realty Talk's