By Bizodisha Bureau in Bhubaneswar, May 4, 2016 : No bidder turned up at the e-auction of some confiscated properties of Ponzi firm Rose Valley Corporation by the Odisha government on Wednesday.

It came as big jolt to the state government which now plans for auction in near future. “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,” official sources said.

Incidentally, this was first-time the state government armed with an order from the designated court had put up confiscated properties of chit fund firms for auction under the provisions of the Odisha Protection of Interests of Depositors (in Financial Establishments) (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 movable and immovable properties of Ponzi firm Rose Valley Corporation.