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)

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