Odisha

Rs 500 Cr Chit Fund Scam In Odisha: HC Relief For ‘Shadow’ Actor Naseer Khan

By
OB Bureau

Cuttack: The Orissa High Court on Monday granted conditional bail to Bollywood actor-producer Naseer Khan, who had grabbed headlines for his alleged involvement in a chit-fund scam amounting to Rs 500 crore, in an Enforcement Directorate (ED) case.

He is currently lodged in Jharpada jail in Bhubaneswar.

Khan is accused of duping depositors, who invested in Fine Indisales Private Limited, a chit fund company in Balasore district in which he was a board director. The firm had allegedly collected over Rs 578 crore from nearly 2.40 lakh people across the country.

In July 2009, Balasore police busted Fine Indisales, one of the first major chit fund fraud in the state. The Odisha government subsequently handed over the probe to Crime Branch (CB), which arrested Khan on October 20, 2009. He was, however, released on bail later. The Crime Branch sleuths had then suspected that money collected through fraudulent means by his firm was invested in the film ‘Shadow’ in which Khan, a visually-challenged person, played the lead role. He was also the producer of the film. The money was transferred to the account of the film’s production house Great Entertainment.

The CB had also frozen bank accounts of the company with deposits of over Rs 191 crore.

Later, the Supreme Court directed the CBI to probe the case. In 2019, a CBI court here rejected his bail plea and remanded him to judicial custody. The apex court later granted him bail in the case.

The ED had earlier attached movable and immovable assets of Fine Indisales worth over Rs 47 crore in Mumbai and Kanpur in 2014. The attached assets included land and buildings worth Rs 19 crore in Mumbai. Bank deposits of about Rs 28 lakh in some accounts in Kanpur were also attached.

In 2019, the agency also arrested Mohammad Arif, an ex-director of a private entertainment firm in Delhi, for allegedly misappropriating nearly Rs 35 crore that he had taken from Khan in 2009-10.

 

OB Bureau

Recent Posts

Payal Rohatgi Calls Out Rupali Ganguly For Dating A Married Man

Mumbai: Actress Rupali Ganguly recently filed a Rs 50 crore defamation case against her stepdaughter…

November 14, 2024

National Hockey: Odisha To Clash With Manipur In Semifinals

Chennai: Odisha will face Manipur in the semifinals of the 14th Hockey India Senior Men’s…

November 14, 2024

India To Push Canada For Extradition Of Arrested Khalistani Terrorist Arsh Dalla

New Delhi: India will again ask Canada for the extradition of designated Khalistani terrorist Arshdeep Singh…

November 14, 2024

School Dropout From West Bengal Arrested For Practising As Ayurvedic Doctor In Odisha’s Berhampur

Berhampur: Police have arrested a man from West Bengal for allegedly claiming himself to be…

November 14, 2024

Manoj Bajpayee Recalls Staying In ‘Hell’, Experiencing Starvation

Mumbai: Carving a niche for himself in Bollywood was not a cakewalk for ‘The Family…

November 14, 2024

After Disapproving Of Ranveer, Mukesh Khanna Rejects Tiger Shroff For ‘Shakitmaan’

Mumbai: Mukesh Khanna’s Indian superhero series ‘Shaktimaan’ has been making headlines for quite some time…

November 14, 2024

2nd Tigress Arrives In Odisha’s Similipal Tiger Reserve From Maharashtra

Bhubaneswar: As part of Odisha government's tiger relocation project, second tigress from Maharashtra arrived at…

November 14, 2024

Severe Pollution: Central Panel Forced To Invoke GRAP 3 In Delhi From Tomorrow

New Delhi: Hours after Delhi’s Environment Minister Gopal Rai said that the third phase of…

November 14, 2024