Cuttack: The Odisha Protection of Interests of Depositors (OPID) Court here on Friday confiscated properties worth Rs 650 crore of Seashore Group of Companies.
Seashore is one of the 44 companies in Odisha being probed by the CBI for a Ponzi scheme since May 2014 following a Supreme Court order
The confiscated movable and immovable assets of the firm include 197-acre land, 1385 gram gold, 2 quintal silver and Rs 1,88,75,000 bank deposits.
In 2014, the apex court had ordered an investigation into allegations that the company raised around Rs 578 crore from gullible people offering 36 per cent interest per annum to the investors on their deposits. The capital was allegedly raised without the company itself on the stock exchange and registering under the Odisha Self Help Cooperative Societies Act to keep itself out of the government’s check as well as to evade taxes.
Seashore Group chief Prashant Dash and his key aide Subhankar Nayak were arrested in connection with the case and later released on bail.
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