After nearly three years, a special designated court for Odisha Protection of Interests of Depositors (OPID) in Baleswar ordered for attachment of property of Saradha Realty India Private limited, a Bengal- based chit fund company, which allegedly committed a fraud of crores of rupees in deposit collection.
The court passed the order under Section 4(3) of OPID Act.
The company’s land, measuring 13.64 acres in Srikona Mouza under Sadar tehsil worth about `4.20 crore was found, besides a meager cash of `2,700 deposited in the IDBI bank.
After a hue and cry by the investors and depositors of the company, it came under the scanner of the Crime Branch’ Economic Offence Wing (EOW). The EOW after raids and investigations had submitted a charge sheet. A case had been registered under Sections 467, 468, 471 and 6 of OPID Act.
After the attachment order, the property can be auctioned off and further move for sale proceed can be undertaken for realisation of the amount, said an advocate.
Two witnesses, a former ADM and investigating officer of the case Gopabandhu Pati were examined by the court. The company ‘Saradha Realty’ had its office at Fakir Mohan Circle in the town. After remaining closed for about 20 days on May 3, 2013, it was raided by the EOW.