In what can be termed a sigh of relief for duped investors, a specially designated court here on Saturday directed the confiscation of properties and the vehicle of the prompter of a chit fund company worth `1.33 crore and disbursement of the money accrued from the auction to the depositors.
Sources said in the case first of its kind in Ganjam district, the court ordered the seizure of 36 acre of land owned by chit fund firm Katloon Management and Finance Company and the vehicle of the owner.
The seized property should be auctioned and the proceeds disbursed among the investors, said the court.
It was alleged that the company had duped the investors of `5 crore, promising them high returns on their investment. Director of the company Asim Chandra Nayak and promoter Kailash Chandra Sethi are presently behind bars in connection with the case after being arrested by the Economic Offences Wing (EOW) of the State Crime Branch in 2015 and 2016 respectively. However, eight other accused are still at large.