State

Forfeiture Of Chit Fund Firm's Land Ordered

Balasore: Dec 23; A Special Court of Baleswar dealing with chit fund fraud cases on Tuesday issued order for forfeiture of the landed property of a chit fund deposit collection company.

The company Nava Jyoti Reality India had allegedly duped its investors of about Rs5 crore.

The court ordered forfeiture of landed property of around 1.07 acres which the company owned at village Nuagaon under Rairangpur tehsil of Mayurbhanj district.

In another development, the Special Vigilance Judge on Tuesday awarded a three-year jail term with a fine of Rs7,000, in default of the fine two more months of jail term, to former Secretary of a cooperative store here, who was accused in a case of financial irregularities of about Rs1.5 lakh. Accused Prasant Mohapatra committed the misappropriation, for which the court convicted him in the Vigilance case filed against him in 2008.

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