The Economic Offences Wing (EOW) of the Crime Branch on Thursday moved the Finance Department proposing attachment of the properties of the Vista Management Services ltd, a chit-fund company.
The EOW proposed to the Finance Department for confiscation of the Vista Management Services’ properties, including 14 acre of land, six vehicles and Rs 3.86 lakh in bank deposits.
The Vista Management Services had started its operations in the State in 2008 and collected deposits through its branches promising to provide attractive returns with 30 per cent interest annually. The company also lured investors and took money from them in the name of providing plots and flats at attractive rates.
Duped depositors had registered a case at the EOW in 2015 following the sudden disappearance of Vista.
Meanwhile, the Crime Branch had investigated the matter and arrested five people, including the firm’s managing director Deb Kumar Panda, two directors, Manoj Kumar and Bijay Kumar Swain and a chartered accountant.
It is alleged that Panda had collected around Rs 50 crore from public by floating various schemes promising heavy returns.