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Big jolt to Odisha govt; no takers for Rose Valley property at e-auction

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Odisha Sun Times Bureau
Cuttack, May 4:

The Odisha government received a big jolt as no bidders turned up at the e-auction of some confiscated properties of Ponzi firm Rose Valley Corporation.

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“No bidders turned up at the e-auction to bid for the properties of Rose Valley Corporation that were put up for auction today. We will again notify for auction,” informed sources in the ADM office here.

This was first-time armed with an order from the designated court; the state government had put up confiscated properties of chit fund firms for auction under the provisions of the OPID Act-2011.

Sources said that 45 decimals of land in Nilgiri area of Balasore district and four flats in the Utkal Signature Complex on the Cuttack-Bhubaneswar road which is part of the confiscated properties of Rose Valley Corporation were put up for auction at the MMTC Ltd website. Bidders were required to put up bids from 11 AM to 3 PM.

The Special Court dealing with chit fund scam had allowed the state government in 2015 to confiscate moveable and immoveable properties of Ponzi firm Rose Valley Corporation.