Seashore Chit Fund Scam: OPID Court Orders Confiscation Of Property

Cuttack: The Odisha Protection of Interests of Depositors (OPID) court in Cuttack on Friday ordered the confiscation of all movable and immovable properties belonging to the Seashore group.

As per the OPID court’s order,  around 197 acres of land, 1.385Kgs of gold, 2 Quintals of silver and a bank deposit of Rs1,88,75,000 belonging to the Seashore group will be confiscated.

All the confiscated property which is valued at nearly Rs 650 Crore, will go under the hammer and the money received through auctions will be distributed among the chit fund beneficiaries, the court further ordered.

Seashore is under the CBI scanner since May 2014 following a Supreme Court order. The company reportedly raised around Rs 578 crore from gullible people offering 36 per cent interest per annum to the investors on their deposits.