A court in Odisha's Balasore district has ordered the attachment of properties of Shri Sai Infrastructure, a real estate firm that duped investors by promising them flats and shops.
Real EstateOdishaShri Sai InfrastructureOpid ActInvestor FraudReal EstateJul 12, 2024
The OPID Act is a legislation enacted by the Odisha government to protect the interests of depositors and prevent fraudulent activities by companies.
Shri Sai Infrastructure is a real estate firm based in Odisha. The company has been involved in several real estate projects in the state, including residential and commercial developments.
According to the reports, 14 investors were defrauded by Shri Sai Infrastructure, with the company siphoning off over Rs 3 crore from them.
The OPID special court is set up to protect the interests of depositors and prevent fraudulent activities by companies. The court has the power to attach properties of companies that default on payment or engage in fraudulent activities.
The court's ruling is significant as it sets a precedent for similar cases across the country, sending a strong message to real estate companies that fraudulent activities will not be tolerated.
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