Odisha Sun Times Bureau
Bhubaneswar, Jun 7:
The Economic Offences Wing of the Odisha Crime Branch police today recommended the Finance department to confiscate properties of Ponzi firm Sree Bhumi Construction.
The Ponzi firm has 46-acre land in Khordha and Rs 3.5 lakh in its bank account.
Subhransu Singh, the managing director of the Ponzi firm is currently lodged in jail.
Singh is charged with duping about Rs 50 crore from gullible investors.
Notably, Singh was arrested by the EOW on May 29 last year during a raid at his residence in Jayadev Vihar in the Odisha capital.
Sources said Singh had begun his business from his Jayadev Vihar residence in 2011 and subsequently opened several offices across the state, promising gullible investors to double the amount of their deposited money.
He shut shop after the Supreme Court handed over the chit fund scam cases to the CBI for investigation, they said.
The EOW had registered a cheating case against the accused and the company in January last year, acting on complaints lodged by a group of duped investors.