Odisha court orders for confiscation of Umamani Homes’ assets

Odisha Sun Times Bureau
Cuttack, Sep 8:

A designated court here dealing with chit fund scam cases today allowed the Odisha government to auction the confiscated properties of a chit fund firm—Umamani Homes Creations Private Limited—and distribute the sale proceeds equitably to the duped investors.

The special chit fund court allowed the government to sell the movable and immovable properties of the Ponzi firm. The amount realised from the sale of properties including around 26 acres of land in Puri and Khurda districts, two luxury cars and Rs 63, 447 cash seized will be distributed among the investors.

“The court has allowed our prayer to sell the attached properties of the chit fund company,” said public prosecutor, Ajit Kumar Patnaik.

Notably, Managing director of Umamani Home Creations NarayanChandra Nayak and his wife Sunita Narendra Singh also the director of the company had floated attractive housing scheme and raised crores of rupees from the prospective buyers. However, they failed to keep up to the promises made to them.

On June 5, 2013, the Economic Offences Wing of Crime Branch had arrested Managing director of Umamani Home Creations NarayanChandra Nayak and Sunita Narendra Singh on January 7, 2015 for allegedly duping gullible investors.

According to sources, the company diverted public money and invested in Ollywood. Odia movies ‘Prem Rogi’ and ‘Prema Adhei Akshara’ have been made under the banner of Umamani Visuals.

With today’s court order, Umamani Home Creations Pvt Ltd became the sixth company whose property would go under the hammer for their involvement in the chit fund scam.