Court orders confiscation of Ponzi firm Land India’s assets

Cuttack: The Special Chit Fund Court here on Tuesday ordered confiscation of properties worth Rs 2 crore of Ponzi firm Land India.
According to the court’s directive, a total 7.91 acre of land worth Rs 1, 85 crore belonging to the company and bank deposits to the tune of Rs 8, 12, 258 will be confiscated. The value of the estimated properties, both movable and immovable, will the be equitably distributed among the duped investors.
Several investors duped by the chit fund firm had earlier lodged complaints against the company’s managing director Braja Sundar Mishra.