Odisha Court Orders Property Attachment in Fraud Case

A court in Balasore, Odisha, has ordered the attachment of properties belonging to Shri Sai Infrastructure, a firm accused of defrauding investors. The OPID special court directed the public auction and equitable distribution of the proceeds to the investors, citing the firm's failure to provide promised flats and shops.

An Odisha court in Balasore district ordered the attachment of properties of Shri Sai Infrastructure on Friday, after the firm allegedly duped investors by promising them flats and shops.

The OPID special court, headed by Judge Biswajit Das, mandated the seizure of all assets, aside from an ice plant, and announced a public auction of the properties to distribute the proceeds fairly among the affected investors.

According to Special Public Prosecutor Pranab Panda, the firm had collected advances from several individuals in 2009 but failed to deliver the promised real estate or return the funds, siphoning off over Rs 3 crore. Following complaints lodged in 2016, the government sought the court's intervention.