A designated court here dealing exclusively with the cases pertaining to chit fund scam on Wednesday ordered for public auction of the seized properties of Siridi Sai Estates Private limited.
With this, the court 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 realised amount from the auction equitably among the investors in the Siridi Sai Estates company.
The Economic Offences Wing (EOW) of the State police has seized 1.670 acre of landed properties of the ompany located in the State capital of Bhubaneswar. Similarly, two luxury cars of the company and a bank account having a deposit of about `500 were also seized by the EOW.
The designated court had earlier made similar orders to sell through public auction the confiscated properties of te Rose Valley Group of Companies, the GlP Developers, the Sai Pragati Developers and the Astha International Company. But surprisingly, few takers are coming forward to participate in the auction of the properties of these tainted companies.