The Special chit fund court here on Saturday ordered the State Government to confiscate and auction Sedil Development India’s property and distribute the sale proceeds among the depositors.
While hearing a petition moved by the ADM, the Special Court asked the Government to confiscate 2.56 acre land of Sedil Development India in Dhenkanal and Hindol and bank deposit of Rs 8.6 lakh.
Notably, the ADM is the only competent authority who can file a petition in the chit-fund court once the Finance Department decides to confiscate the property of any company involved in chit-fund scam in the State.