The Odisha court ordered competent authorities to confiscate and sell movable and immovable property of a firm associated with a group involved in ponzi schemes
Representational Pic/File
The Odisha Protection of Interest of Depositors (OPID) court on Wednesday ordered competent authorities to confiscate and sell movable and immovable property of a firm associated with a group which was involved in fraudulent revenue schemes.
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The court ordered the confiscation of property, including 110 acres of prime land, 11 luxury cars and Rs 2.17 crore deposited in several banks. The proceeds from the sale will be distributed equitably among the depositors in the chit fund scheme, the court said.
The company associated with the AT Group had collected Rs 600 crore from over 1,000 investors. Earlier, the economic offences wing of the state police had attached these property, officials said.
After considering an appeal made by the competent authorities, the OPID court ruled in its favour and issued the order.
Several companies associated with the AT Group, led by its chief Pradeep Sethy, had deceived depositors by promising them land. However, the companies reneged on their promises, leaving the unsuspecting investors in a difficult situation.
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