Home HEADLINES Odisha Govt starts confiscating chit fund company assets

Odisha Govt starts confiscating chit fund company assets

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Odisha Sun Times Bureau
Bhubaneswar, May 3: 

Based on approvals from courts of Cuttack and Balasore, Odisha Government has started confiscation of assets of several chit fund companies that were operating in the state.

File Pic. Courtesy: www. supportbiz.com
File Pic. Courtesy: www. supportbiz.com

Sub collectors of these districts have initiated the process to work out the lowest bidding amount for properties of Rose Valley group, Safex Infra India, Astha Group of Companies, Golden Land Developers Ltd and Sastra Enterprise Limited, said Finance Minister Pradip Amat while replying to a written question by BJD MLA Prafulla Samal in the Assembly yesterday.

Odisha Government had earlier issued an interim order to the Economic Offences Wing (EOW) of Crime Branch, Commissionerate Police and Mayurbhanj SP to investigate and confiscate assets of 23 chit fund companies operating in the state.

While 25 proposals have been moved to various courts in Balasore, Sambalpur and Cuttack in this regard so far, two more proposals are under consideration by specially empowered officers in Cuttack and Berhampur.

These proposals will be moved to courts following a go ahead from these officers.