Permission sought to confiscate property of Saradha Group

BHUBANESHWAR: The Crime Branch of the Odisha police today sought permission of the state government to attach property of the Kolkata-based Saradha Group which has allegedly duped lakhs of investors.

The Economic Offences Wing of the CB submitted documents relating to the Saradha Group to the state Finance Department in regard to this.

"We have sought permission from the state government to go ahead with attaching property of the Kolkata-based Saradha Group which allegedly duped lakhs of investors," DIG, CB, Rajesh Kumar said.

The group, which was operating in Odisha since 2010, had allegedly duped thousands of investors, mostly in the undivided Balasore district. In May, the crime branch sealed several offices of the group and arrested two of its employees. The employees are still behind bars.

The CB also subsequently seized 14 acres of land owned by the group mostly in Balasore district.

Kumar said the proposals were submitted under the Odisha Protection of Interests of Depositors (in Financial Establishments) Act, 2011, which received presidential nod in August this year.

The Saradha Group allegedly collected about Rs 70 crore in Odisha, according to preliminary estimates.

The CB had earlier sought permission of the state government to attach property of another chit fund company Seashore Group against which similar complaints had been made.