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Odisha court orders confiscation of ponzi firm's property
Updated On: 03 January, 2024 10:58 PM IST | Cuttack | PTI
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
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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.
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.
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