 "Notices to scam tainted chit fund firms go undelivered")
Efforts to nail the unscrupulous financial companies for embezzlement of depositors’ money in Odisha has come a cropper with these firms disowning the notices sent by the Justice R K Patra Commission of enquiry probing into the chit fund scam.
The commission has revealed that notices sent to the fraudulent entities have been returned by the postal department with the endorsement ‘addressee left’. The notices were sent to addresses indicated by the depositors in their affidavits filed before the commission.
In the list of firms with notices undelivered are Rose Valley Real Estates & Constructions Ltd, Adarsh Wealth Ventures Ltd, Flouorish Development India Ltd, Artha Tatwa Multipurpose Cooperative Society Ltd, Seashore Multipurpose Cooperative Ltd, Astha International Ltd and Sastra Enterprises to name a few.
The commission had recently asked the state government to collect information/documents from the Supreme Court, Odisha High Court, Securities & Exchange Board of India (Sebi) and Reserve Bank of India (RBI) in connection with the scam. The commission has received more than 800,000 affidavits pertaining to duping of investors’ money by shady financial companies.
The Economic Offences Wing of the Crime Branch has handed over documents of five financial entities — Flourish India, Saradha Group, Sastra Enterprises Pvt Ltd and Seashore Group to the finance department for attachment of properties.
The Odisha Protection of Interests of Depositors (in Financial Establishment) Act, which is implemented in the state since September this year, contains extensive safeguards for protecting the small investors from the malpractices of fraudulent financial entities.
The Crime Branch has seized cash worth Rs 86 lakh, Rs 127 crore by freezing bank accounts, 203 kg silver, 1,583 kg gold and 22 four wheelers .
The land bank seized by the probe agency include 204 acres from Seashore Group, 1364 acres from Sarada Group, 234 acres from Artha Tatwa group and 24 acres from Flourish India.
A corpus fund of Rs 300 crore has been announced by the state government to give relief to the genuine small investors who have lost their money in the scam.
As per government estimates, 650,000 people have been duped to the tune of Rs 4,375 crore between January 2012 and June 2013, by the chit fund companies operating in the state.
The commission has revealed that notices sent to the fraudulent entities have been returned by the postal department with the endorsement ‘addressee left’. The notices were sent to addresses indicated by the depositors in their affidavits filed before the commission.
In the list of firms with notices undelivered are Rose Valley Real Estates & Constructions Ltd, Adarsh Wealth Ventures Ltd, Flouorish Development India Ltd, Artha Tatwa Multipurpose Cooperative Society Ltd, Seashore Multipurpose Cooperative Ltd, Astha International Ltd and Sastra Enterprises to name a few.
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“As desired by the commission, I request you to please provide the present correct addresses of the authorities of the financial agencies involved in unauthorised collection of public deposits in the state so as to send notices to them,” Devaraj Rout, secretary to R K Patra Commission of enquiry wrote to joint director, institutional finance.
The commission had recently asked the state government to collect information/documents from the Supreme Court, Odisha High Court, Securities & Exchange Board of India (Sebi) and Reserve Bank of India (RBI) in connection with the scam. The commission has received more than 800,000 affidavits pertaining to duping of investors’ money by shady financial companies.
The Economic Offences Wing of the Crime Branch has handed over documents of five financial entities — Flourish India, Saradha Group, Sastra Enterprises Pvt Ltd and Seashore Group to the finance department for attachment of properties.
The Odisha Protection of Interests of Depositors (in Financial Establishment) Act, which is implemented in the state since September this year, contains extensive safeguards for protecting the small investors from the malpractices of fraudulent financial entities.
The Crime Branch has seized cash worth Rs 86 lakh, Rs 127 crore by freezing bank accounts, 203 kg silver, 1,583 kg gold and 22 four wheelers .
The land bank seized by the probe agency include 204 acres from Seashore Group, 1364 acres from Sarada Group, 234 acres from Artha Tatwa group and 24 acres from Flourish India.
A corpus fund of Rs 300 crore has been announced by the state government to give relief to the genuine small investors who have lost their money in the scam.
As per government estimates, 650,000 people have been duped to the tune of Rs 4,375 crore between January 2012 and June 2013, by the chit fund companies operating in the state.