Odisha police confiscate properties of ponzi company

The Crime Branch (CB) of Odisha Police today initiated process of confiscating properties of a ponzi company in connection with multi-crore chit fund scam in the state.
The Economic Offences Wing (EOW) of the CB submitted relevant papers to the State Finance Department seeking permission for attaching properties of the company.
The ponzi company reportedly owned properties including under-construction hotel at Mangalajodi, Puri, farm houses in Suanda, Puri and Bhanjanagar in Ganjam District and a milk plant at Umerkote.
Flourish India has been accused of duping investors of Rs 100 crore. The company lured investors with an assurance of attractive returns and collected money from depositors through more than 130 branch offices across the state.

At least three officials of the company have been arrested and put in jail on charges of duping investors.
Earlier the state government have accorded permission to confiscate properties of Kolkata-based Saradha Group and Seashore Group of Odisha.