The Enforcement Directorate (ED), investigating money laundering by chit fund companies in Odisha, Tuesday attached property valued at Rs.47 crore of Fine Indisales Pvt. Ltd., a chit fund firm operating in the state.
The ED attached movable and immovable property, including land in Mumbai valued at Rs.19 crore and bank deposits of Rs.28 crore in Kanpur, Uttar Pradesh, an official said.
A case was lodged against the company at a police station in Balasore, Odisha in 2009.
The chit fund company was operating its branches in Cuttack and Balasore districts.
While the case was being probed by police, it was later investigated by the Odisha crime branch and later by the ED.
The company was running its operation in three states -- Odisha, Karnataka and Chhattisgarh.
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According to ED sources, Fine Indisales duped 2.43 lakh investors all over India to the tune of Rs.578 crore.
Meanwhile, the Odisha High Court Tuesday rejected the bail plea of media owner Madhu Mohanty, arrested by the Central Bureau of Investigation (CBI) for his alleged links with chit fund company Artha Tatwa group.
In another development, a special CBI court rejected the bail application of former managing director of Micro Finance Ltd., Durga Prasad Mishra, and sent him to judicial custody till Jan 8.
Micro Finance is also alleged to have duped thousands of investors in Odisha.