Odisha court orders confiscation of ponzi firm`s property

The Odisha Protection of Interest of Depositors (OPID) court on Wednesday ordered competent authorities to confiscate and sell movable and immovable property of a firm associated with a group which was involved in fraudulent revenue schemes.

The court ordered the confiscation of property, including 110 acres of prime land, 11 luxury cars and Rs 2.17 crore deposited in several banks. The proceeds from the sale will be distributed equitably among the depositors in the chit fund scheme, the court said.

The company associated with the AT Group had collected Rs 600 crore from over 1,000 investors. Earlier, the economic offences wing of the state police had attached these property, officials said.

After considering an appeal made by the competent authorities, the OPID court ruled in its favour and issued the order.

Several companies associated with the AT Group, led by its chief Pradeep Sethy, had deceived depositors by promising them land. However, the companies reneged on their promises, leaving the unsuspecting investors in a difficult situation.

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever

Leave a Comment