Court directs auction of chit fund firm Saradha Group’s properties in Odisha
A specially-designated court in Odisha’s Balasore on Wednesday directed the state government to auction the confiscated properties of chit fund firm Saradha Group.india Updated: Jan 19, 2017 01:06 IST
A specially-designated court in Odisha’s Balasore on Wednesday directed the state government to auction the confiscated properties of chit fund firm Saradha Group.
The court, which confiscated a total of 13.64 acres of land belonging to the group, ordered for its public auction, so as to equitably distribute the sale proceeds among the duped investors.
The value of the attached properties is estimated to be around Rs 4.20 crore.
“The court in its verdict ordered for public auction of around 13.64-acre land belonging to Saradha Realty. The proceeds of the public auction on court orders will be distributed among the needy depositors on a priority basis,” said public prosecutor Sushil Kumar Roy.
The pronouncement was made under the Odisha Protection of Interest of Depositors Act-2011 (OPID Act).
The West Bengal-based Saradha Group had opened around 200 branch offices in the country, including offices at Bhadrak, Balasore, Ganjam and Bhubaneswar in Odisha. It had duped thousands of depositors in the state.
Saradha Realty had its office at Fakir Mohan circle in Balasore town.