Odisha Sun Times Bureau
Bhubaneswar, Jun 16:

The online auction of properties of chit fund company Safex Infra India Ltd today failed to get any response from bidders as none came forward to buy the properties of the tainted firm.

Pic Courtesy
Pic Courtesy

Around 14.259 acre land belonging to Safex Infra India Ltd at Chhatrapur and Purushottampur in Ganjam district were put up for e-auction on the website of government-owned MSTC Ltd from 11 am till 3 pm today.

While Safex Infra India Ltd was the second chit fund company after Rose Valley Group to be put up for public sale for repaying duped investors, the e-auction has met the same fate as the latter. After two rounds of online auction of properties of Rose Valley Group, there were no takers for it.

Notably, the special designated court of the Additional District and Sessions Judge on May 16 this year had ordered auction of the property belonging to Safex Infra India Ltd.

The court had directed the Competent Authority, ADM Cuttack, under the Odisha Protection of Interests of Depositors (In Financial Establishments) (OPID) Act, 2011 to sell the movable and immovable properties and distribute the proceeds among the depositors.

The Ponzi firm, which was headquartered in Chhatrapur, had collected crores of rupees from gullible investors from across the state. Following allegations, the MD Firoj Khan was arrested by Crime Branch.

In January, 2014, Crime Branch had proposed the Finance department to attach the property in the name of Firoj Khan and other officials of the company. The following month, the department passed the ad interim order paving way for auctioning of the properties.

It may be mentioned here that the district administration has listed the properties of Astha Group of Companies and Golden Land Developers Group of Companies to be auctioned on June 17 and 18.

Tomorrow, around 3.447 acres of land in Chilika and Chhatrapur belonging to Astha Group of Companies will be put up for sale on MSTC Ltd website. On Saturday, 2.931 acres of land in Chhatrapur and Chikiti belonging to Golden Land Developers Group of Companies will be auctioned.