Odisha Crime Branch seeks nod to attach assets of two chit fund firms

The Economic Offence Wing (EOW) of the state crime branch has sought the permission from the finance department to attach properties of two more firms embroiled in the multi-million crore chit fund scam.

The two shady financial operators, whose properties are set to be confiscated, are Aastha International and Green Ray International. The two companies are facing allegations of duping over Rs 500 crore belonging to depositors.

Earlier, the EOW had handed over documents of five financial entities — Flourish India, Saradha Group, Sastra Enterprises Pvt Ltd and Seashore Group to the finance department for attachment of properties.The Odisha Protection of Interests of Depositors (in Financial Establishment) Act, which is implemented in the state since September this year, contains extensive safeguards for protecting the small investors from the malpractices of fraudulent financial entities.

The Crime Branch has seized cash worth Rs 86 lakh, Rs 127 crore by freezing bank accounts, 203 kg silver, 1,583 kg gold and 22 four wheelers .The land bank seized by the probe agency include 204 acres from Seashore Group, 1364 acres from Sarada Group, 234 acres from Artha Tatwa group and 24 acres from Flourish India.

A corpus fund of Rs 300 crore has been announced by the state government to give relief to the genuine small investors who have lost their money in the scam.