Bizodisha Bureau, Cuttack, May 18, 2015 :

A special designated court here on Monday in an ex-parte order directed the Odisha government to sell the attached properties of Safex Infra India Ltd, a chit fund company, through public auction and distribute the sale proceeds among the investors equitably.

The Court’s order brings some smile among the chit fund investors. The Company officials did not turn up in the court despite repeated reminders.

The order, under the Odisha Protection of Interests of Depositors (in Financial Establishments) (OPID) Act, 2011, has now opened up scope for disposal of the Company’s 12 acre of land in Ganjam district which was confiscated by Economic Offences Wing (EOW) of the Crime Branch in October 2013.

The Company was accused to be active in illegal money circulation schemes with monthly turnover of nearly Rs one crore and land allotment schemes in several districts, including Ganjam. Earlier, the CBI had frozen the company’s bank account with deposits worth Rs 5 lakh.

In February, properties of chit fund firm Rose Valley’s properties were ordered to be auctioned by a special court.

The EOW had confiscated the property and deposits of Rose Valley group last year, of which Rs 51.17 crore were in the shape of bank deposits, Rs 47 lakh in cash and the rest in the form of land, building and other assets.