Saradha Realty

Capital markets regulator Sebi on Thursday said it has extended the time to July 25 to auction 61 properties of Saradha Group, which illegally mobilised money from investors. Earlier, the auction was scheduled for July 17. The regulator has been auctioning the properties of Saradha Group in a bid to recover money raised by the firm from the public through illicit schemes. "Considering that the interested bidders expressed more time to submit EMD (Earnest Money Deposit) as intimated by Quikr Realty India Ltd, it has been decided to extend the last date of submission," the Securities and Exchange Board of India (Sebi) said in a notice. The regulator will auction properties of Saradha Group on July 25 between 11 am and 1 pm. The total reserve price of these properties is pegged at Rs 26.22 crore. The properties to go under the hammer include land parcels located in West Bengal. Saradha Group, a consortium of over 239 private companies, allegedly ran chit-fund operations in West Beng

The Saradha group is involved in a major financial scam and alleged political scandal caused by the collapse of a Ponzi scheme run by Saradha Group, a consortium of 200 private companies that was believed to be running CIS, popularly, but incorrectly, referred to as chit funds