The Odisha Safety of Curiosity of Depositors (OPID) court docket on Wednesday ordered competent authorities to confiscate and promote movable and immovable property of a agency related to a gaggle which was concerned in fraudulent income schemes.
The court docket ordered the confiscation of property, together with 110 acres of prime land, 11 luxurious vehicles and Rs 2.17 crore deposited in a number of banks. The proceeds from the sale shall be distributed equitably among the many depositors within the chit fund scheme, the court docket mentioned.
The corporate related to the AT Group had collected Rs 600 crore from over 1,000 buyers. Earlier, the financial offences wing of the state police had connected these property, officers mentioned.
After contemplating an enchantment made by the competent authorities, the OPID court docket dominated in its favour and issued the order.
A number of corporations related to the AT Group, led by its chief Pradeep Sethy, had deceived depositors by promising them land. Nevertheless, the businesses reneged on their guarantees, leaving the unsuspecting buyers in a tough scenario.
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