EOW Proposal to Attach Vista Assets Worth Rs 3 Crore

Published: 29th April 2016 06:11 AM  |   Last Updated: 29th April 2016 06:11 AM   |  A+A-

BHUBANESWAR: The Economic Offences Wing (EOW) on Thursday submitted a proposal to the Finance Department requesting it to confiscate assets worth about `3 crore belonging to ponzi firm Vista Management Services Pvt Ltd.

In its ad-interim attachment proposal, the EOW listed out the company's landed property, vehicles as well as cash.

During its investigation, the agency had found land acquired by the company at Antapalli in Balangir, Bantala, Tarakai, Niala and Bomikhal in Khurda, Sipasarubali in Puri and Kuranga Pradhan in Cuttack district. The total volume of land measured at a little over 14 acre which was purchased by accused Vista's managing director Dev Kumar Panda out of public deposits.

About `3.86 lakh in bank accounts and six vehicles which included a loader, tipper, truck, a pick-up van and an SUV were also seized. The total value of the seized assets would be to the tune of `3 crore, sources said.

A private financial company which was headquartered in Bhubaneswar, Vista Management Services started operation in 2008. It offered returns at a rate of 30 per cent per annum to depositors. After mobilising huge investment, it made a foray into real estate through a sister concern Vista Infra Homes Ltd and started collecting more money from the public for providing land. However, it made a vanishing act from Bhubaneswar and even closed its branch offices without bothering to pay back the depositors.

Last year, the EOW took up the investigation and arrested Panda, directors Bijaya Kumar Swain, Manoj Kumar Pattnaik and two others Debi Prasad Mishra and Dhirendra Kumar Khandewal.

The ad-interim attachment proposal has been submitted as per the provisions of Odisha Protection of Interest of Depositors (in Financial Establishments) Act, 2011.

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