Bhubaneswar, May 25: The Odisha government today hinted at setting up fast track courts to ensure that those who invested their life’s savings in deposit collection companies get refunds within a stipulated time.
The government took the decision after finance minister Prasanna Acharya held closed-door meetings with development commissioner Jugal Kishore Mohapatra, director-general of police Prakash Mishra and additional director-general of police (crime branch) B.K. Sharma at the secretariat today.
Following the meeting, Acharya told newspersons: “All the cases relating to the fraudulent activities by the deposit collection companies will be handed over to the fast-track courts for speedy disposal. More special prosecutors will be engaged to disburse the cases. The government will monitor the cases. Steps will also be taken to return the money to the investors within six-months.”
The minister added: “After the President gives his nod to the Odisha Protection of Interests of Depositors (in Financial Establishments) Bill, steps will be initiated to refund the investors. We don’t know why the assent of the President on it has been delayed so far. The bill was sent to the President in April 2012.”
Acharya said that the Odisha police had so far lodged 85 cases against fraud deposit collection companies and arrested 170 persons. The economic offences wing of the crime branch has also lodged 27 cases against 24 companies.
Among the companies against whom cases have been filed are Saradha Group, Artha Tatwa Group, Swastik India Multi-State Credit Co-Operative Society Limited, Sahara Credit Co-Operative and Rose Valley.
Former minister and Congress leader Niranjan Patnaik today reiterated his demand for an independent and thorough investigation into the financial bungling by the deposit collection companies.
Hi-Tech office sealed
The economic offences wing of the crime branch today sealed the main office of the Hi-Tech group, which has major stakes in real estate and education, at Saheed Nagar here. Earlier, it had sealed the office of Sea Shore and Artha Tatwa.
Chairman of Hi-Tech group Tirupati Panigrahi and two of his associates were arrested by the crime branch in December last year for allegedly duping buyers. Sources in the crime branch said that the office of the company was sealed keeping in mind investors’ interest as they would be entitled to get some return of their money by liquidation of these assets if the Odisha Protection of Interest of Depositors (in Financial Establishments) Bill was enacted.
Advocate of Hi-Tech group Prashant Sahu said that they would move Orissa High Court challenging the decision of sealing the office.
Deputy inspector general of the economic offences wing Rajesh Kumar, however, said that there was nothing illegal in sealing the office. “A preliminary chargesheet has been submitted and investigation is on,” said Kumar.
The police have registered five cases against Panigrahi and his associates for allegedly duping people of nearly Rs 315 crores. The crime branch had also frozen 147 accounts in 18 banks with deposits worth around Rs 2.88 crore. The group had three more immovable assets worth Rs 5 crore in the city and these will also be seized. The market value of the building sealed today would be about Rs 10 crore.
The police have started sealing moveable and immovable properties of chairman-cum-managing director of Artha Tatwa group Pradeep Sethi for allegedly cheating investors.
“We have recommended freezing of around 230 bank accounts of Sethi,” said deputy commissioner of police, Bhubaneswar, Nitinjeet Singh.
