Markets regulator Sebi has ordered attachment of bank and demat accounts of Arise Bhoomi Developers and its three directors to recover dues worth over Rs 8.38 crore.
The pending dues include fine imposed along with interest, charges, expenses and other costs.
The latest order comes after the company failed to comply with Sebi’s earlier direction to refund investor’s money, raised through illicit real estate investment scheme, in three months.
In June, the Securities and Exchange Board of India (Sebi) found that the company had launched and operated collective investment schemes (CIS) without obtaining necessary approvals from Sebi.
Now, attachment of bank, demat accounts and mutual fund folios of the entities has been ordered to recover Rs 8,38,61,276.
In an order, the watchdog directed banks to attach all accounts, including lockers, held by the defaulters and has directed depositories – NSDL and CDSL – to attach all their demat accounts.
Sebi has also asked for various details of the accounts held by them, including account statements.
Sebi has been given powers to attach properties and bank accounts, among other things, of persons and entities which have failed to comply with directions involving payment of penalties and other dues.