HC concludes hearing of Balasore chit fund case
Cuttack: The Orissa High Court has completed hearing on the maintainability of a writ petition filed by All India Networks Welfare Trust seeking return of its members invested amount in the multi-level marketing companies run by a Bollywood film-maker who is the alleged kingpin in the Rs 500 crore Balasore chit fund case.
The Division Bench of Chief Justice V Gopala Gowda and Justice B N Mohapatra adjudicating over the writ for last three months reserved its verdict to be delivered at a later date after all parties completed their argument yesterday.
The petitioner had submitted a list of some 6500 persons who had invested money in film-maker Nasser Khan’s Kanpur-based Company Fine Indsales Pvt Ltd.
Nasser along with seven of his directors has already surrendered their passports in the Court as directed.
During one of his personal appearances in the court, Naseer had assured that he would cooperate with the Odisha crime branch police who are investigating the Balasore chit fund case.
The investigating police have already frozen bank accounts of Nasser’s companies showing deposits of over Rs 191 crore. Apart from the 6500 investors, at least two lakh investors from Balasore district have also deposited Rs 1000 crore in these companies. Some of them have made easy money after investigating in these companies, the petition said.
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