Assets of another chit fund group to go under hammer

A special court here, dealing exclusively with cases pertaining to chit fund companies, today ordered the Cuttack Additional District Magistrate to sell the seized assets of M/s Land India Real Estate Pvt Ltd and M/s Land India Assets Ltd through a public auction.
The judge also directed the competent authority to use the money in the 10 seized bank accounts of these companies, whose managing director is one Braja Sundar Mishra, to pay off the investors.
This is the ninth such order passed by the special court over the last three years, where it has ordered a public auction of the seized properties of the tainted companies, which collected money from the public, luring them with the promise of high interests.

At least two dozen of such cases are still pending before the court, informed District Special Public Prosecutor Subrat Mohanty.
He said the Bhubaneswar-based company had collected around Rs 8.34 crore from the public by opening branch offices across the state.
On the basis of cases registered by the Economic Offences Wing (EOW) of the state Crime Branch in September 2015, the court had passed an ad interim order of attachment of properties in August, 2016.

The attached assets of the companies include land measuring 7.91 acres with a purchase value of Rs 1.86 crore.
Similarly, 10 bank accounts of the companies were also seized with a combined deposit of Rs 8.12 crore in them.

Making the ad interim order of attachment absolute, the court ordered the sale of the properties through a public auction.