Cuttack: A special court, set up to deal with ponzi scam cases, has asked the state government to auction the assets of Bhubaneswar-based chit fund firm Vista Management Services Limited.
The court directed the state government to auction the movable and immovable properties of Vista Infra Home Limited, Vista Agriculture and family Private Limited and Vista Agriculture and food products private Limited. It has instructed the government to distribute the proceeds from the auction among depositors of the ponzi firm.
The chit fund firm had collected several crore rupees from gullible investors by promising them attractive returns. However, the firm had failed to repay the amount on the scheduled dates. Subsequently, the ponzi firm had closed down its offices in Bhubaneswar and other places.
The duped investors had lodged a complaint in this regard with the Crime Branch (CB) and urged it take action against Vista Group. The Economic Offences Wing (EOW) of the Crime Branch had registered a cheating case against Vista Group managing director Dev Kumar Panda and raided the offices of the firm.
The EOW had confiscated landed properties, vehicles and other valuables worth Rs 35 crore of the firm during investigation. The investigating agency had suggested to the state Finance Department to auction the confiscated properties and distribute the amount among depositors, sources said.
According to sources, the Finance Department had directed competent authority and Cuttack additional collector Bibhuti Bhushan Das to file a case in the special court and seek its permission to auction Vista Group properties.
Accordingly, Das had filed a case in the special court and sought early auctioning of Vista assets.
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