Confiscate Katloon chit fund firm’s properties: court to govt
Berhampur/ Bhubaneswar: A special court dealing with chit fund-related
cases on Saturday directed the state government to confiscate Katloon
chit fund firm’s properties worth Rs 1.33 crore.
The court ordered confiscation of the company’s assets, including
37 acre of land and a car, by promising hefty returns on deposits.
On September 15, 2016, Katloon Management and Financial Services Private Limited chief Kailash Chandra Sethy was arrested by the Economic Offences Wing (EOW) of state crime branch of police for duping investors to the tune of Rs 5 crore in the state. In July 2015, Ganjam police arrested the chit fund firm’s director Aswini Kumar Nayak.
The company was registered in Cuttack in 2010 and had opened branches in Bhubaneswar and Ganjam, police sources said.