Chit fund scam: Court directs to confiscate properties of GLP Developers

CUTTACK: A special court in Cuttack on Wednesday directed to confiscate properties worth Rs 87.48 crore of chit fund firm GLP Developers and distribute it among the duped investors in the state.

The court directed to confiscate the movable and immovable properties of GLP Developers, which has duped thousands of depositors in the state.

It asked the concerned officials of the Odisha government to confiscate and sell the seized properties of the chit fund company as per the provisions of the Odisha Protection of Interests of Depositors (in Financial Establishments) Act, 2011.

In the first-ever conviction in the Odisha mega chit fund scam, a special CBI court on Tuesday sentenced a former managing director of Eshore Developers Ltd to two years of rigorous imprisonment and slapped a fine of Rs 72,000 on him.