A designated court here dealing exclusively with cases pertaining to chit fund scam, on Wednesday ordered for public auction of seized properties of Siridi Sai Estates.
With this, the court concerned has already ordered for public auction of properties of at least seven chit fund companies. Cases of at least two dozen more tainted companies are still pending in the court.
The special court headed by an ADJ-rank judicial officer asked the competent authority (Cuttack ADM) to distribute the amount realised from the auction equitably among the investors in that company.
The economic offence wing (EOW) of the State police had earlier seized 1.670 acres of landed properties of the company located in Bhubaneswar. Similarly, two luxury cars of the company and a bank account having a deposit of less that Rs 500 were also seized by the EOW sleuths.
The designated court had earlier made similar orders to sell through public auction the confiscated properties of Rose Valley Group of Companies, GLP Developers, Sai Pragati Developers and the properties of Astha International Company. But surprisingly, few takers are coming forward to participate in the auction.
