RK Patra

Cuttack, Sept. 16: The CBI has recommended dismissal of the pleas of Golden Land Developers Group of Companies to facilitate refund of money to depositors. The company wanted its bank accounts to be released permission to operate from their offices.The CBI said allowing the plea will only jeopardise process of investigation and the interest of depositors.

Golden Land Developers Ltd and GLP Developers Ltd had filed a petition before the Justice R.K.Patra Commission, which is conducting a probe into the money deposit scam, stating that they are ready to refund the money to the depositors. But it is not possible as their offices located in different places of Odisha and bank accounts had been sealed and seized by the state police.

“The commission had sought the view of CBI’s Special Investigation Team, Calcutta, as it had taken over investigation of the case. In its reply, the CBI said the petition should be rejected as the interest of the company to operate from their offices as prayed could not override overwhelming public interest,” Justice R.K. Patra told The Telegraph today.

The commission is probing into alleged fraudulent activities of deposit-collection companies in Odisha.

In its reply, the CBI said: “In the event of de-freezing/releasing the bank accounts of the petitioner companies — Golden Land Developers Ltd and GLP Developers Ltd — or allowing them to sell the landed properties, there is every probability that they will withdraw the amounts deposited in the said bank accounts and siphon off the same jeopardizing the process of investigation as well as interests of the depositors at large.”

“Investigations conducted by the CBI so far indicates that the company ran its business in unauthorised manner, raising money from the depositors illegally and cheating the hard-earned money of the innocent depositors,” said investigating officer P. Sahoo.

Another petition was filed by Rose Valley Hotels and Entertainment Ltd expecting the commission to devise a mechanism, in consultation with the company and the state police, for refund of deposits made by the investors. Acting on it, the commission had sought a response from CBI to find out a mechanism for smooth refund of the money deposited.

Justice Patra said: “The CBI has recommended keeping decision on the petition in abeyance till completion of investigation and submission of the final report because there is every scope that the company will carry forward unauthorised and illegal transactions from its office (which had been sealed) by alluring innocent general public.”