Bhubaneswar: In a major decision, the Designated Court under the OPID Act, Cuttack, today ordered the sale of properties belonging to Shree Bhumi Group of Companies.
The OPID Court confirmed immovable properties measuring more than 24 acres of land belonging to the group which defrauded depositors through various schemes.
The court directed the competent Authority to sell the immovable properties under attachment in the public auction and on the realisation of the amount the same shall be distributed among the depositors, an EOW official said.
The matter relates to a case registered by the EOW in January 2015, in which directors of the company – Chhotrai Majhi, Subhranshu Singh, Bhagaban Panda and others were booked under multiple Sections of the IPC, PCMC and OPID Acts.
They entered into a criminal conspiracy and cheated the general public with various schemes of the Shreebhumi Group, promising high returns. Subsequently, they failed to refund back the principal as well as interest to the depositors.
During the course of the investigation, immovable properties measuring more than 24 Acres (Valued Rs 37.51 lakhs in 2011) of land acquired in the name of above alleged company represented by the accused Director Chhotrai Majhi and in the name of their driver Pradipta Kumar Naik from and out of the deposits collected by the Directors was attached.
On the basis of EOW’s proposal to the State Government, the Finance Department issued an Ad-Interim Attachment order in September 2018. Earlier, the MD of the company – Singh was convicted by the Designated Court under OPID Act and sentenced to 7 years RI with a fine of Rs 1 lakh.
