Bhubaneswar: The designated court under OPID Act in Odisha’s Balasore has confirmed attachment of the properties worth more than Rs 7 crore of Lakshya India Ltd, a chit fund company.
The court, in its order on Saturday, directed competent authority i.e. ADM-cum-Competent Authority under the Odisha Protection of Interests of Depositors (OPID) Act, Balasore, to collect the attached/frozen amount of Rs 7,00,16,840 of the company lying in different banks with the accrued interest thereon for equitable distribution among the victims after identification.
Earlier, the Economic Offences Wing (EOW) had frozen the amount of the company’s illegal deposits in 10 accounts maintained with SBI, Axis, HDFC and ICICI Bank following investigation into complaint of cheating of the investors.
The EOW started investigation into the scam on the basis of the complaint filed by Himansu Sekhar Panigrahy against the officials of Lakshya India, who had allegedly mobilised unauthorised public deposits and subsequently cheated the investors by not returning any amount and misappropriated the same.
As per the complaint, the directors of the company had floated deposit plans/schemes to collect public deposits online by opening a website www.lakshyaindia.net and distributing leaflets, brochures etc in 2008-09.
The company attracted the public on the pretext of marketing the products of branded companies by appointing their own distributors. It claimed to have been associated with authorised marketing partners of branded products like Sangini Diamond Jewellery, Haier Appliances, Liverpool, Videocon, Kenstar, Reliance Life Insurance, Bajaj Life Insurance for selling their products.
For the purpose, the company had floated two schemes i.e. Minimum Product Purchasing Option-1 and Option-2. Under scheme Option-1, the company promised to pay Rs 1,02,375 after 12 months for a deposit of Rs 2500 for the products value of Rs 10,000. Similarly, under scheme Option-2, the same benefit was also being given on the deposited amount excepting for booking any product but by depositing 25% of the product value.
They were issuing books and certificates against the deposits. The thrust area of the company was Odisha, Maharashtra and Karnataka. The public money was being deposited in the bank accounts of the compan. In this way, it has collected illegally more than Rs 10 crore from 6715 depositors/distributors from Odisha only between April 1, 2008 and July 29, 2009.
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