EOW seeks Odisha govt’s nod to confiscate assets of Ponzi firm Vista

Swetaparna Published On : Apr 28, 2016 at 6:51 PM Updated On : Apr 28, 2016 at 6:58 PM

Odisha Sun Times Bureau
Bhubaneswar, Apr 28:

Economic Offence Wing (EOW) of the Crime Branch today wrote to the Finance department of the Odisha government seeking its approval to confiscate assets of Ponzi firm Vista Management Services Ltd.

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The EOW in its letter sought the Finance department’s approval to confiscate 14 acres of land, a bank deposit of Rs 3.86 lakh and six vehicles belonging to the Ponzi firm, revealed EOW sources.

Three directors including chairman-cum-managing director (CMD) of the Ponzi firm Deb Kumar Panda are now in jail.

The EOW on May 17 last year had arrested Panda from the railway station here while he was leaving for Vizag on the Bhubaneswar-Tirupati Express to catch a flight to Singapore.

The Ponzi firm had started functioning in 2008-2009 by opening its corporate office here.

It is alleged that Panda had collected around Rs 50 crore from public by floating various schemes promising heavy returns and had expanded his business in the western Odisha, particularly in Kalahandi and Bolangir districts.

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