Mumbai: Court orders EOW to auction assets of pharma company, pay off duped investors

The scam was pegged to be worth around Rs 30 crore. An officer said, “The court has passed an order to pay off investors from the money earned through selling off some of the company’s assets. The investors will get a certain percentage of the money they lost once they approach us with proof.”

After the court orders the attachment of property of the accused and sale to recover investors’ money, the competent authority gets a valuation done, following which, the court decides the proportion in which the money is to be disbursed.

In some cases, all victims are given the same amount, irrespective of the money lost, while in others, it is a percentage of the deposit, said Khanderao Ghughe, in-charge of the EOW’s refund unit.