Home ODISHA LATEST Odisha court orders confiscation of Katloon chit fund firm’s properties

Odisha court orders confiscation of Katloon chit fund firm’s properties

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Odisha Sun Times Bureau
Bhubaneswar, May 6:

The Special CBI court here today ordered for confiscation of properties worth Rs 1.33 crore of Katloon Management and Financial Services Pvt Ltd, a firm which has allegedly duped depositors of over Rs 5 crore.

According to reports, the company was registered at Registrar of Companies, Cuttack in November, 2010 and had opened its branches in Bhubaneswar and Ganjam.

It had allegedly duped many investors to the tune of more than Rs 5 crore by promising hefty returns on deposits.

Kailash Chandra Sethy, chief of the company, and Aswini Kumar Nayak, one of the directors of the firm, have already been arrested.

Eight staff of the company are still absconding, reports said.