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The crime branch of state police has sought permission of the finance department to confiscate properties of chit fund scam tainted Seashore Group. To facilitate the process, the Crime branch has handed over the files of the company to the finance department.
After framing rules for implementing the Odisha Protection of Interests of Depositors (in Financial Establishment) Act, the state government is gearing up to attach properties of unscrupulous financial companies that have duped more than half a million depositors through collective investment schemes.
Four additional district judges of Cuttack, Balasore, Sambalpur and Berhampur have been declared as designated courts. Moreover, the additional district magistrates (ADMs) of these four districts have been declared as the competent authorities empowered to take steps for attachment of properties. The Odisha Protection of Interests of Depositors (in Financial Establishment) Act contains extensive safeguards for protecting the small investors from the malpractices of fraudulent financial entities. Also, it has various provisions to take stringent action against the offenders.
