Odisha govt asked to seize assets worth Rs 650 crore from chit fund firm

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A special court here has ordered the Odisha government to attach properties worth Rs 650 crore of the Seashore Group in connection with a probe into charges that the chit fund firm defrauded investors in the state to the tune of 578 crore.

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“The amount generated through public auction of the confiscated properties should be equitably distributed among all the investors, who have been duped by the company,” the court, dealing with cases related to Odisha Protection of Interest of Depositors (Financial Establishments) Act, said.
It ordered attachment of movable and immovable assets of the firm including over 220 acre of land, 1.386 kg gold, two quintal silver, four luxury cars and Rs 1.88 crore in cash. In December 2013, the court had attached these assets under the Odisha Protection of Interests of Depositors (OPID) Act. Since the land price originally attached dates back to almost ten decades, the price of the land will now be re-evaluated according to the benchmark valuation of the state government.

In December 2013, the Economic Offence Wing of the state crime branch had booked of the company’s chairman and managing director Prashant Kumar Dash and 44 others for raising nearly Rs 578 crore from people without listing itself in the stock market. They allegedly duped investors after promising high value returns at an interest rate of 36 percent per annum.

Dash was arrested by the CBI in 2014 but was released in July 2017.



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