PROPERTY ATTACHMENT ORDER OF A CHIT FUND CMPANY WORTH MORE THAN 7 CRORE
Bureau,Odishabarta
CONFIRMED BY OPID COURT BALASORE IN A CHIT FUND CASE
Bhubaneswar,29/04/23:EOW had investigated the C.I.D PS Case No.21 dt.29.07.2009 u/s 406/420/468/471/34 IPC, r/w Sec.4/5/6/ of PCMCS (Banning) Act, 1978 on the allegation of Himansu Sekhar Panigrahy against the officials of Lakshya India Ltd., who allegedly mobilized unauthorized public deposits and subsequently cheated the investors by not returning any amount and misappropriated the same.
During the year 2008-09, the Directors of the Company M/s Lakshya Level Marketing Pvt. Ltd. floated the deposit plans /schemes to collect the unauthorized public deposits online by opening a website www.lakshyaindia.net and by distributing leaflets, brochures etc. to attract the public on the pretext of marketing the products of branded companies by appointing their own distributors.
The company was claiming to have been associated with authorized marketing partners of branded products like Sangini Diamond Jewellery, Haier Appliances, Liverpool, Videocon, Kenstar, Reliance Life Insurance, Bajaj Life Insurance etc. for selling their products. For the purpose, the company had floated two schemes i.e. Minimum Product Purchasing Option-1 and Option-2. Under Scheme Option-1, the company had promised to pay Rs.1,02,375/- after 12 months for a deposit of Rs.2500/- for the products value of Rs.10,000/-.
Similarly, under Scheme Option-2, the same benefit was also being given on the deposited amount excepting for booking any product but by depositing 25% of the product value.
They were receiving the deposits under issuance of books, certificates etc. The main thrust area of the company was Odisha, Maharashtra and Karnataka.
The public money was being deposited in the bank accounts of the companies maintained with SBI, Axis, HDFC and ICICI bank.
In this way, the company has collected illegally more than Rs.10 Cr. from 6715
depositors/ distributors from Odisha only during the period from 01.04.2008 to 29.07.2009.
During investigation, an amount of Rs.7,00,16,840/- of the illegal deposits was frozen standing in the name of alleged company in 10 No. of bank accounts maintained with SBI, Axis, HDFC and ICICI bank.
Ad-interim proposal for attachment of the above frozen cash was submitted by EOW under the provision of Sec.3 of OPID Act to the Govt. in Finance Dept. and accordingly the above amount was attached by the Govt. in Finance Dept.
The Hon’ble Designated Court under OPID Act, Balasore vide order dt.29.04.2023 in Misc. Case No.02/2017 made the ad-interim order of attachment absolute (confirmed the attachment order) and directed competent authority i.e. ADM-cum-Competent Authority under OPID Act, Balasore, to collect the attached/frozen amount of Rs.7,00,16,840/- lying in different banks with the accrued interest thereon for equitable distribution among the victims after proper identification.
