Spl court orders public auction of properties of chit fund

A designated court here today ordered sale through public auction of the attached properties of a ponzi scheme firm Sai Pragati Company.
The special court headed by Additional District Judge ADJ in an ex-parte order asked Cuttack ADM, B B Das, who is appointed as competent authority, to sell through auction the attached properties of Sai Pragati Company and distribute the proceeds among the investors equitably after identifying the investors.
The Economic Offence Wing (EOW) of Odisha police had earlier seized over 47 acres of landed properties of Sai Pragati Company.
The police had also seized 14 bank accounts of the company having a combined deposit of nearly Rs 2.77 crore.

The landed properties are in Cuttack and Bhubaneswar.
The designated court had earlier made similar orders to sell through public auction the confiscated properties of M/s Rose Valley Group of Companies, GLP Developers and the properties of Astha International Company.

But not a single property of the tainted companies is sold yet.
In compliance with a February 2015 court order, the competent authority wanted to sell through auction the properties of Rose Valley Group of Companies on May 2 this year but not a single bidder expressed interest.
The authorities have decided to auction them again on May 31 next.