Properties of chit fund co Flourish India to be confiscated

OST Bureau
Bhubaneswar, Dec 23:

Initiating the process for confiscation of properties of Flourish Development of India Pvt Ltd, a chit fund company, the Economic Offences Wing (EOW) of the state Crime Branch on Monday submitted all relevant documents to the state Finance department.flourish india

The company had duped the investors of more than Rs 100 crore after collecting money illegally and against false promises through its 132 branches in the state during last eight years.

It may be mentioned the EOW officials had arrested the director of the company Aditya Kumar Bisoi on October 22 following several complaints lodged by the investors with the Barpali police station in Bargarh district.

Prior to his arrest, the EOW officials had arrested Ballav Prasad Nayak, chairman and managing director (CMD) of the company and former CMD Prasanna Dash in this connection.