Odisha court orders attachment of Shri Sai Infrastructure for fraud

15 Jul 2024 CW Team

A court in Odisha's Balasore district ordered the attachment of properties belonging to Shri Sai Infrastructure, a firm accused of duping investors with promises of flats and shops.

The special OPID (Odisha Protection of Interests of Depositors) court, presided over by Judge Biswajit Das, directed the attachment of all the firm's properties except for an ice plant, according to Special Public Prosecutor Pranab Panda. The court was established under the OPID Act to protect investors' interests.

In addition to the attachment, the court mandated a public auction of the properties and equitable distribution of the proceeds among the defrauded investors.

In 2009, Shri Sai Infrastructure collected advances from multiple individuals, promising to provide residential flats and shops at Fakir Mohan Golai in Balasore town. However, the firm failed to deliver on its promises, neither providing the flats nor returning the money to the investors. The company allegedly siphoned off over Rs 30 million from 14 investors.

Following complaints from some investors to the Sahadevkhunta police station in 2016, the government filed a petition seeking the absolute attachment of the firm's movable and immovable properties.

(Source: ET)

Infrastructure Urban

13 Oct 2025

Madurai Corporation Proposes Rs 1,400 Million Plan to Save Vaigai River

In a renewed effort to tackle pollution, the Madurai Corporation has submitted Rs 1,400 million proposal to the state government to upgrade the city’s drainage network and prevent untreated sewage from entering the Vaigai River. The proposal follows growing public concern over the river’s deteriorating condition despite previous mitigation efforts. The Vaigai flows for nearly 12 km within Madurai city limits, with sections obstructed by invasive plants, garbage, and untreated sewage. While multiple inlets contribute to contamination, the Panthalkudi canal in Goripalayam has been identifi..

Daikin Boosts Haryana’s Innovation Push with Rs 10 billion R&D Plan

Japanese multinational Daikin Industries has committed an investment of Rs 10 billion to set up a new research and development centre in Haryana. The proposed facility will focus on advanced technologies and sustainable industrial solutions, marking a significant boost to the state’s innovation and industrial ecosystem. The announcement follows the signing of a Memorandum of Understanding (MoU) in Osaka, Japan, during a visit by a Haryana government delegation held from October 6 to 8. The MoU was signed by Amit Kumar Agrawal, Commissioner and Secretary, Industries and Commerce Department, ..

Lloyds Metals to Build Rs 250 billion Steel Plant in Gadchiroli

Lloyds Metals & Energy Limited (LMEL) has announced an investment of Rs 250 billion aimed at transforming Gadchiroli in Maharashtra from a region once associated with the red corridor into a key industrial and growth hub. The company’s plans are centred on establishing an integrated steel production ecosystem, which will contribute significantly to regional development and employment. As part of its expansion strategy, LMEL is setting up a 4.5-million-tonne blast furnace in Gadchiroli, scheduled for completion by 2027–28, along with another 1.2-million-tonne facility in Chandrapur by 2029..