In yet another ex-parte ad-interim order, a lower court here on Monday directed the State Government to sell through public auction the attached properties of chit fund company Safex Infra India ltd and distribute the sale proceeds among the investors equitably. The designated Additional District and Sessions Court here in February had directed the Government to sell the attached properties of the Rose Valley Group of Companies and distribute the realised amount among the investors.
The Cuttack district administration has already realised over Rs50 crore from the properties of Rose Valley and steps are on to identify the genuine investors, who could get back their money, sources said. The Government had earlier ordered for attachment of the properties of Safex Infra India under Section 3 of the Odisha Protection of Interests of Depositors (in financial establishment) Act of 2011. The Economic Offences Wing (EOW) of the State Crime Branch had earlier seized the properties of the company and frozen its bank accounts.