Bhubaneswar, June 8: The Economic Offences Wing of the Odisha Crime Branch police proposed the Finance department to seize properties of the Ponzi firm, Sree Bhumi Construction on Tuesday. This Ponzi firm covers around 46-acre land in Khurda and possess about 3.5 lakh in its bank account. The MD of the Ponzi Firm, Subhransu Singh is currently in lockup. Reports say, Singh has been charged with a fraud of Rs 50 crore from inexperienced investors. EOW had arrested Singh on May 29 last year during a raid at his residence in Jayadev Vihar.
Singh had been cheating people from through his state-wide offices with a promise to return the double amount of the deposited amount. Just as the Supreme Court handed over the chit fund scam cases to the CBI for enquiry, Singh immediately closed down all his illegal business activities, sources said.
