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Odisha: Designated Court Orders Attachment Of Ponzi Firm's Property

27 January 2020

BIkash Sharma

Cuttack: A designated court for chit fund cases on Monday ordered confiscation of Maa Tarini Eastcon's assets. The court has ordered confiscation of 42 acres land, bank deposit of Rs 51 lakh and a Toyota Fortuner SUV, Special Public Prosecutor, Subrat Mohanty said.

On the basis of complaints of depositors, Sahid Nagar police had booked the company's Managing Director Niranjan Rana on charges of fraud. "Police investigation revealed that Rana secured deposits from the public in lieu of selling plots, but failed to do so," Mohanty said.

On the strength of the police case, the Finance Department had issued an interim order for attachment of the company's property. Today the ADM of the deisgnated court issued the order for attachment of the movable and immovable assets of Maa Tarini Eastcon, he added.

Subrat Mohanty, Special Public Prosecutor