The special designated court for Odisha Protection of Investors Deposits (OPID) on Monday ordered attachment of property of chit fund company Ashore Infrastructure limited under Section 4(3) of OPID Act, 2011.
The court pronounced the order on the mis-case filed on June 1, 2014 by the then ADM Akshay Mohanty. The property included immovable land of about 27.96 acre, which were in patches in Betnoti of Mayurbhanj district and Remuna worth nearly `1.64 crore and cash of ` 84 lakh, which were deposited in 16 accounts in different banks and frozen.
The prayer of attachment of property was made by then ADM in the special court. “The petitioner is permitted to sell the property by public auction and realize the sell proceed thereof for equitable distribution among the depositors of the company,” the order said.
After the attachment order, the property can be auctioned and further move for sell proceed can be made. The Ponzi Company had allegedly duped several crores of rupees in the name of giving high returns.
A case was registered against the company and CEO Dipak Pothal and project officer Manas Ranjan Sahu and MD of the company Vivek Chaudhary were made parties to the case.