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Odisha Sun Times Bureau
Cuttack, Jun 20:

The Odisha government today moved the Special Chit Fund Court here seeking to confiscate properties of Ponzi firm Vista Management Services Ltd.

confiscation

A petition for confiscating the properties of Vista Management Services Ltd was filed at the Special Chit Fund Court by Special Empowerment Officer and Additional District Magistrate (ADM), Cuttack Bibhuti Bhusan Das, said sources.

Sources said the company has over 20 bank accounts with a total cash deposit of Rs 3,86,690. That apart the company owns a number of luxury vehicles and 18.86 acres of land in Bhubaneswar, Khurda, Puri, Balangir and Bhawanipatna. The approximate cost of the movable and immovable assets of the company would be over Rs 2 crore, the sources added.

It may be mentioned here that the Economic Offences Wing (EOW) of the had arrested the company’s managing director Deb Kumar Panda on May 17 last year on charges of duping investors of at least Rs 50 crore.

Panda was arrested from Bhubaneswar railway station as he was leaving for Vizag to catch a flight to Singapore from there. He was arrested on the basis of a complaint lodged by investors from western Odisha on April 23 last year.

The Ponzi firm had started functioning in 2008-2009 by opening its corporate office in the capital city.

It is alleged that Panda had collected around Rs 50 crore from public by floating various schemes promising heavy returns and had expanded his business in the western Odisha, particularly in Kalahandi and Bolangir districts.