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Odisha Sun Times Bureau
Bhubaneswar, Jan 18:

In a significant move, the specially designated court to deal with chit fund scam cases in Odisha’s Balasore today confiscated properties of the Saradha Group, a chit fund firm.

saradha-chit-fund-scam

The court confiscated a total of 13 acres and 64 decimals of land belonging to the Ponzi Group at Balasore. The value of the attached properties is estimated to be around Rs 4.20 crore.

While the court has taken possession of the confiscated properties, it has ordered for its public auction and distribution of the proceeds among needy depositors. The pronouncement was made under the Odisha Protection of Interest of Depositors Act-2011 (OPID Act)

“The court in its verdict ordered for public auction of around 13 acres and 64 decimals of 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 Sushil Kumar Roy, public prosecutor, briefing reporters after the specially designated court pronounced its verdict.

It may be noted here that Saradha Group opened up around 200 branch offices in the country, including offices at Bhadrak, Balasore, Ganjam and Bhubaneswar in Odisha and had cheated depositors of their money by promising lucrative returns.