Odisha court orders attachment of Shri Sai Infrastructure for fraud
Real Estate

Odisha court orders attachment of Shri Sai Infrastructure for fraud

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)

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)

Related Stories

Gold Stories

Next Story
Infrastructure Urban

Vedanta Metal Bazaar Expands to Global Markets

Vedanta Aluminium has expanded its digital e-commerce platform, Vedanta Metal Bazaar, to international markets, enabling overseas customers to order and purchase aluminium products online.The platform will now be available to buyers across Asia, Europe, Africa and the Americas, providing a digital gateway for export transactions with 24x7 access.In FY26, Vedanta Metal Bazaar processed transactions worth nearly $4.1 billion, or over Rs 380 billion, and fulfilled more than 23,000 orders. The platform is also used regularly by more than 550 MSMEs in India alongside large OEM customers.The export ..

Next Story
Infrastructure Urban

Ramky Infrastructure Q1 FY27 Revenue Rises 24.3%

Ramky Infrastructure Limited reported a 24.3% year-on-year increase in consolidated revenue from operations to Rs 471.2 crore for Q1 FY27, compared with Rs 3.79 billion in the corresponding quarter of FY26.Standalone revenue from operations rose 27.5% YoY to Rs 4.51 billion from Rs 3.54 billion, while total standalone income increased 35% to Rs 5.32 billion.Consolidated profit before tax stood at Rs 540.9 million during the quarter. The company highlighted a sharp sequential improvement compared with a pre-exceptional loss of Rs 190.1 million in Q4 FY26.Two of the three projects awarded during..

Next Story
Technology

LTTS Launches AgenticIQ AI Platform for Engineering

L&T Technology Services (LTTS) has launched AgenticIQ, an end-to-end agentic AI platform designed for engineering and manufacturing organisations.The platform is aimed at helping enterprises move beyond isolated AI pilots by enabling autonomous, multi-agent workflows across engineering, product development, manufacturing, industrial operations and customer experience.AgenticIQ is built on LTTS’ Engineering Intelligence portfolio and converts existing engineering capabilities into specialised, reusable AI agents. Its planning-first architecture is embedded into engineering and production ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement