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Govt Expedites Process to Refund Duped Investors

It has been decided to put the attached properties to public auction through central e-auction portal of MSTC

Published: 30th July 2015 06:06 AM  |   Last Updated: 30th July 2015 06:06 AM   |  A+A-

BHUBANESWAR: The State Government on Wednesday directed the competent authorities and Special Public Prosecutors to speed up the hearing of pending assets attachment cases in the chit fund scam.

Although the hearing moved at a satisfactory pace in Cuttack, in other districts orders have not been passed even after the deadline of six months prescribed in the Odisha Protection of Interest of Depositors (in Financial Establishment) Act, 2013.

Chief Secretary G C Pati, who held video conferencing with the Additional District Magistrates (ADMs) of five districts, asked them to expedite the attachment of properties of chit fund companies. He also urged the Finance and Law departments to work together and make efforts to refund money of the depositors.

The Special Public Prosecutors engaged in various districts have been asked to decide the matters relating to inclusion of additional parties in the cases as per the provisions of law and place it before the designated courts.

The Sub-Collectors have been directed to finalise the offset price of the attached properties within seven days so that they can immediately be put to auction after due approval of the designated courts. It has been decided to put the attached properties to public auction through central e-auction portal of MSTC.

The meeting also discussed the process of verification of the investors after auction and return of proceeds which will have to be disbursed to the depositors basing on their application. Police and revenue officials can jointly carry out the verification, it was suggested.

As of now, the Economic Offences Wing of the State Police has initiated investigation into 190 financial establishments. The Finance department has issued interim attachment orders against 19 companies. A total number of 21 cases against these financial establishments have been put to prosecution, out of which attachment orders of two cases have been made absolute by designated courts.

Additional Chief Secretary, Finance, R Balakrishnan; DGP Sanjeev Marik; Principal Secretary, Law, Bibhuprasad Routray; Additional DG, Crime Branch, BK Sharma; Director, Finance, Tapan Kumar Pradhan and Police Commissioner R P Sharma were present along with senior officers from Finance and Police departments.

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