Home ODISHA LATEST Odisha court orders confiscation of Ponzi firm’s properties

Odisha court orders confiscation of Ponzi firm’s properties

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Cuttack: The Special Chit Fund Court here today ordered confiscation of moveable and immoveable properties worth Rs 2 crore belonging to Ponzi firm ‘Land India’.

The Court ordered for the confiscation of 7.91 acres of land in the name of the Ponzi firm valued at Rs 1.85 crore.

Similarly, it also ordered for the confiscation of Rs 8, 12,285 held in the bank accounts of the firm.

The Court further ordered for distribution of the proceeds among the affected investors.

Duped investors had earlier lodged complaints against the Managing Director of the Ponzi firm Braja Sundar.