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Odisha chit fund scam: CB DSP appears in court


Odisha Sun Times Bureau
Cuttack, Jun 21:

DSP of the Economic Offences Wing (EOW) of the Odisha Crime Branch Saroj Rath deposed before the court of the Additional Sessions Judge-I and the designated court of PK Samal as an witness on Saturday in connection with the confiscation and auction of  movable and immovable properties of chit fund company Seashore Group of over Rs 500 crore.

seashoregroupIn his statement, Rath said the EOW, in course of investigation, had come to know that the Seashore Group of company had purchased the movable and immovable properties with the money of the investors.

The court, during the hearing, went throgh the allegations on the purchse of movable and immovable properties by the Seashore Group with the money it had taken from various banks on loan.

The court will have its next hearing on July 4.

It may be mentioned that a petition was filed in the designated court under section 4(3) of the Odisha Protection of Interest of Depositors (in financial establishments) Act, 2011 for confiscation of properties of the Seashore Group after some of its seized properties was kept under the Cuttack ADM as its competent authority.

This was the first petition for confiscation of properties of a chit fund company in Odisha.