EOW seeks cancellation of seashore deal with Idco

Tightening the noose around the Seashore Group, the Economic Offences Wing has sought cancellation of its lease agreement with Industrial Infrastructure Development Corporation (Idco) for a 100- acre land in Nabarangpur district.The company had taken on lease the land for setting up of a maize processing unit in Umerkote block of the southern district. It had also deposited Rs 60 lakh towards security deposit.The EOW, ADG, B K Sharma said, has written to the Idco seeking cancellation of the leasehold as well as freezing of the security deposit.The money circulation company had also got into an agreement with State-owned Odisha Renewable Energy Agency (OREDA) for establishment of a solar power plant at  the western Odisha town Titilagarh towards which it had submitted a security deposit of  a sum of Rs 2.5 crore.The EOW has sought cancellation of the memorandum of agreement as well as freezing of the deposit.“For the maize processing unit, the leasehold was given to Seashore’s agricultural wing, which had also erected boundary walls for the processing unit,” DIG Rajsh Kumar said.Meanwhile, a Mercedes Benz car of the company, bearing registration number OR02 BA 4300, has been seized from Mumbai.The EOW has gone after the assets of the finance company in anticipation of a liquidation from the proceeds, of which the investors can be paid off, if the court of law passed such an order.