Court Allows Auctioning Of Orissa Homes Properties

Cuttack: A designated court under OPID Act in Cuttack ordered for auction of properties belonging to M/s Orissa Homes Pvt. Ltd  to refund the deposits to home buyers duped by the real estate firm.

The Odisha Protection of Interests of Depositors (OPID) Court in its order dated February 4, 2022 made the Ad-interim order of attachment Absolute and directed competent authority, Cuttack ADM, to sell the immovable properties through public auction and deposit the amount along with interest for equitable distribution among duped investors.

The properties include frozen bank balance of Rs. 8,87,433 and land measuring Ac.18.3075 dec., the purchase value of which is Rs. 1,05,92,291.

In 2018, the Economic Offence Wing (EOW) of Odisha Crime Branch had registered a case under sections 420/467/468/471/120-B of IPC r.w. Sec. 6 of OPID Act against M/s Orissa Home Pvt. Ltd. and its Managing Director and Director on the allegation of duping 153 investors to the tune of Rs 7,54,39,586.

The real estate firm and its sister concern companies M/s Trisat Estate & Construction Pvt. Ltd. and Bharat Infra Pvt. Ltd had allegedly defrauded the depositors on the pretext of providing them flats in its Ananda Homes Projects under Mouza-Kuha in Jatni Tahasil.

After completion of investigation, the chargesheet in the case was filed under sections 420/467/ 468/ 471/120-B/406 IPC r.w. Sec. 6 of OPID Act, 2011 against M/s Orissa Homes Pvt. Ltd’s MD Jagat Jiban Nayak and Director Loknath Patra and the the sister concern companies as well.

During the probe into the case, the EOW had traced the movable and immovable properties acquired by accused MD Jagat Jiban Nayak as well as M/s Orissa Homes Pvt. Ltd and its sister concern firms out of public deposits and submitted an Ad-Interim Proposal in respect of those properties under the provision of Sec. 3 of OPID Act.

On the basis of said proposal, the Finance Department of Odisha Government had issued an Ad-Interim Order of attachment on December 15, 2018.

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