Home BIG STORY Odisha court directs to confiscate property of Ponzi firm

Odisha court directs to confiscate property of Ponzi firm

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Odisha Sun Times Bureau
Cuttack, Dec 23:

A special court here today directed the state government to auction the properties of GLP Developers Ltd, a chit fund firm, and distribute the sale proceeds equitably among investors, who were allegedly duped by the company.

CHIT FUND SCAM

The special court to hear cases related to chit fund scam directed to confiscate and sell property worth Rs 87. 48 crore.

“The designated court directed to confiscate, auction the properties of GLP Developers Ltd and distribute the sale proceeds equitably among the affected investors,” said special public prosecutor, Subrat Mohanty.

The company collected deposits from people assuring them of high returns. Later, the company defaulted on payments following which the investors filed complaint against it.

The New Delhi-based company was incorporated in 2008 and expanded its business all over the country.

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