Golden Land Developers and GLP Chit fund scam: Court directs to refund sum of small investors

Prameyanews English

Published By : Prameya News Bureau | October 29, 2023 IST

Golden Land Developers and GLP Chit fund scam: Court directs to refund sum of small investors

Cuttack, Oct 29: A special court in Odisha’s Cuttack has directed the authorities to return the money of small investors duped by Golden Land Developers and GLP Developers soon.

The special court directed the ADM to return the deposited money of the small investors amounting to Rs 92,58,78,201.

Hearing a petition filed by the Investors Union, The Orissa High Court had earlier directed the Officer-In-Charge and Cuttack ADM to identify the duped investors and return the money to them after auctioning the seized properties of the companies.

The ADM in his response apprised the court that a total of 4,76,102 investors had appealed for the return of their savings amount. Their claim amounted total Rs 479,5,43,274. Of the investors, 2,59,280 were small investors who had deposited less than Rs 8,000 in the companies.

The court was also informed that the auction of the properties of the two companies had fetched Rs 88,81,78,110 which was deposited in the bank. The amount including interest has gone up to Rs 102,17,75,690.

 

 

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