Cuttack, Sep 10: On Thursday, the court dealing with the chit fund scandal cases gave allowance to the Odisha Government to set the confiscated properties got from the chit fund company, Umamani Homes Creations Private Limited for auction and to distribute the sale proceeds equally to the deceived investors.
The chit fund court also allowed the government to give all the movable and immovable properties of the Ponzi firm on sale. Then the amount received from the sale of these properties including 26 acres of land in Puri and Khurda districts, two luxury cars and Rs 63, 447 cash seized will be distributed among the investors. All this information was received from Public Prosecutor, Ajit Kumar Patnaik. With today’s court order, Umamani Home Creations Pvt Ltd became the sixth company whose property would be confiscated for running the chit fund racket.
Notably, Managing director of Umamani Home Creations, Narayan Chandra Nayak and his wife Sunita Narendra Singh who is also the director of the company had showed attractive housing scheme thus taking crores of rupees in the name of the scheme from the prospective buyers. However, they failed to keep up to the promises made to them. After investigation, on June 5, 2013, the Economic Offences Wing of Crime Branch arrested Nayak and and his wife, Sunita Narendra Singh on January 7, 2015 for allegedly duping the investors.
It came to fore that the company illegally took the money to invest in Ollywood. Odia movies ‘Prem Rogi’ and ‘Prema Adhei Akshara’ have been made under the production house of Umamani Visuals.
