Collector orders for attachment of land of micro finance company director for deceiving investors

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Raipur District Collector Dr S Bharathi Dasan has issued an order cautioning finance companies cheating investors on the pretext of making their money double. The District Collector said in order that the land of the companies engaged in such practice will be auctioned.

The District Collector said that a was registered against a finance company under Section 10 of Chhattisgarh Protection of Depositors’ Interest Act, 2005.

It may be noted that the Superintendent of Police, Bastar, in his report had said that the case was filed against the director of Micro Finance Company by Hiramani Markkam, resident of Bastar and 20 others, that the director and employees of the Company persuaded to invest money by promising to double the amount in six years, but the company did not pay back the investors’ money on the maturity. On this, a case was registered at Nagarnar Chowki.

It was reported by Superintendent of Police Durga Prasad Mishra, director of Micro Finance Company, is registered as the owner of 14.620 hectares of land in the village Khilora village of Abhanpur tehsil in Raipur district.

This makes it clear that the company has purchased land from by using investors’ money. In the case, Durga Prasad Mishra did not appear in the court. It is clear that embezzlement and fraud is being done by the company. In such a situation, the Collector and District Magistrate Raipur, using the powers conferred under Section 7 (1) of the Act, issued order to attach the 14.620 hectares land in Abhanpur.

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