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Court orders attachment of Oscar assets

Oscar chit fund

Bhubaneswar, May 19: A special chit fund court in Berhampur on Saturday ordered attachment of properties of Oscar Group of companies which duped investors of Rs 230 crore.

The court also directed the authorities to freeze bank accounts with deposits worth Rs 11 lakh of the dubious ponzi firm. Besides, it ordered for attachment of 25 acres of land properties belonged to the firm.

The Oscar Group had floated a chit fund company in 2010 and its branches were spread across Odisha, Gujarat and Maharastra.

Earlier, Oscar Group chairman Prabhas Chandra Rout was arrested from the guest house of a Jagannath Temple at Hauz Khas in Delhi on June 10, 2016 in connection with the chit fund scam. The Economic Offences Wing (EOW) of Odisha Crime Branch had also arrested three directors of the firm.

Among the three directors one belongs to Surat in Gujrat. A property dealer was also arrested for his links with the Ponzi firm.

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