The Economic Offence Wing (EOW) of Odisha Police today sought sought permission from the Finance Department to attach properties of two more ponzi companies accused of duping depositors in the state.
The EOW sought permission for attachment of properties of Aastha International and Green Ray International. The two companies are facing allegations of duping over Rs 500 crore belonging to depositors, official sources said.
The EOW had earlier handed over documents of five financial entities like Flourish India, Saradha Group, Sastra Enterprises Pvt Ltd and Seashore Group to the Finance Department for attachment of properties, the sources said.
The Odisha Protection of Interests of Depositors (in Financial Establishment) Act, which is implemented in the state since September this year, provides safeguards for protecting small investors from the malpractices of fraudulent financial entities.
The EOW which functions under the Crime Branch of Police has so far seized cash worth Rs 86 lakh, Rs 127 crore by freezing bank accounts, 203 kg silver, 1,583 kg gold and 22 four wheelers .
The land in the name of different companies seized by the investigating agency included 204 acres from Seashore Group, 1,364 acres from Saradha Group, 234 acres from Artha Tatwa group and 24 acres from Flourish India.
The state government had earlier announced creation of a corpus fund of Rs 300 crore to return money to the depositors whose number estimated at 6.5 lakh people duped by the ponzi companies. Besides, a judicial commission is also probing into the chitfund activities in the state.
The companies have duped an amount to the tune of Rs 4,375 crore between January 2012 and June 2013, police sources said.