‘Amount of gold and silver recovered from bank account this time is bigger than the previous seizure’
Crime Branch of State Police has seized one quintal of silver and over 1 kg gold from a bank locker registered in the name of Seashore Company, which is accused of siphoning off funds of investors.
Addressing a press conference here on Friday, Additional Director General of Police (Crime Branch) Bijay Kumar Sharma said, “the amount of gold and silver recovered from bank account this time is bigger than the previous seizure. We have seized 1,000 silver coins weighing one quintal and gold coins with varied size weighing 1 kg 385 gram from Unit-VIII branch of HDFC Bank.” “We had information about existence of a locker in name of Seashore company, but it was seized by Income Tax department earlier. When we approached IT department, the latter readily gave the NOC for seizure. We opened the locker on Thursday,” he said.
The Crime Branch ADG said, “our investigation showed huge money collected through money circulation scheme was being converted to movable and immovable properties. The company was purchasing land, houses, gold and silver coins.”
“We have been able to crack different modes of investment by the company. In many cases, undisclosed investments have been made as results longer time is taken for carrying forward the investigation,” the top cop said.
“It is clear that the money collected from investors is much higher than the value of moveable and immoveable properties we have so far detected. It indicates that people’s money has been siphoned off,” he said.
“The time has come we should initiate attachment proceedings and facilitate the process of return of money to people under Odisha Protection of Interests of Depositors (in Financial Establishments) Rules, 2013,” Mr. Sharma said, adding that Seashore would be the first company, property of which could be attached and returned to people.
The Seashore Company headed by Prashant Kumar Das had been accused of collecting deposits from gullible investors and diverted the money in other sectors. As of now, the company is facing investigation in 38 cases. One of the cases is handled by Economic Offence Wing of Crime Branch.