Bhubaneswar, June 3: To provide some relief to investors duped by fraud firms, the state government is on a twin job — seize properties owned by sham financial companies and expedite the process to get presidential assent for the Odisha Protection of Interests of Depositors (in financial establishment) Bill.
As part of its first strategy, the crime branch today sealed a 22-acre farmhouse of deposit collection company, Sea Shore, at Barla village near Satyabadi in Puri district.
Additional director general of police (crime branch) B.K. Sharma said: “So far, this is the biggest immoveable property seized by the department’s economic offence wing. Earlier, we had sealed another 15-acre farmhouse at Angul. We have also received information about the company’s property in some other areas. Steps would be taken to seize all the properties of the company.”
Though the crime branch is yet to assess the value of all the company’s seized properties, rough estimates have put it at Rs 100 crore. The company has swindled nearly Rs 700 crore from poor investors.
The commissionerate police today located around 234 acres purchased by another deposit collection company Artha Tatwa (AT) Group.
Deputy commissioner of police (DCP) Nitinjeet Singh said: “The estimated value of the immovable properties could be around Rs 130 crore. Of the landed property, 118 acres are in Khurda district, 100 acres in Ganjam district and the rest of the land is registered in the company’s name at Angul, Puri and some other districts.”
The Cuttack-Bhubaneswar commissionerate police have summoned 22 influential people for questioning from tomorrow in connection with their alleged links with the AT Group. The police have taken AT Group chief Pradeep Sethi on a two-day remand.
The investors will only get back their money if the Odisha Protection of Interests of Depositors (in financial establishment) Bill gets the President’s assent.
Chief minister Naveen Patnaik, who left for New Delhi on a four-day visit, said: “I will be meeting Union home minister Sushil Kumar Sindhe and request him to expedite the process of presidential assent to the proposed Bill.”
Once the Bill becomes an Act, it will empower the government to liquidate the properties of the deposit collection companies and distribute the money to the investors after due process of law.
However, the Opposition today stepped up pressure on the Naveen Patnaik government for not taking timely steps to protect the interest of farmers.
Union minister of statistics and programme implementation Srikant Jena said: “Action in this regard has already been delayed. If the Saradha Group’s money bungling had not been exposed in Bengal, the scam in Odisha would not have surfaced as it is patronised by the ruling party. ”
Demanding a white paper on the issue, Jena said: “People don’t know how many have been cheated by the deposit collection companies. The names of political leaders involved in the scam and the amount of money involved will be known only if the state government releases a white paper.”
The Congress is planning to stage demonstrations before all the collectorate offices on June 5 demanding immediate refund of money to the investors and a CBI inquiry into the issue.
The BJP has also decided to organise state-wide demonstration from tomorrow till June 9 on the same issue.
BJP state unit president K.V. Singh Deo said: “Nearly 18 ministers are involved in the irregularities committed by the deposit collection companies. All of them should resign.”
He also termed Naveen the “ring leader” of the deposit collection scam.
BJD vice-president and health minister Damodar Rout said: “Instead of making wild allegations, the Opposition should come out with concrete facts. If the BJP state president has the names of the 18 ministers involved in the scam he should reveal them.”
