Chit Fund Scam: Court Directs Auctioning Of Sai Pragati’s Properties

CUTTACK: A designated court dealing with chit fund related cases in Cuttack on Monday directed the Odisha government to confiscate properties of chit fund firm Sai Pragati Group of Companies and sell through the public auction it to distribute among the duped investors.

The special court directed to auction the properties so that the sale proceeds can be distributed among the small depositors equitably.

Sources said the company has about 47 acres of land in Bhubaneswar and its outskirts. Besides, the company has Rs 2.70 crore in its bank account.

Earlier the court had directed to auction the attached properties of G.L.P. Developers Ltd, Rose Valley and Astha International cases giving a ray of hope to the depositors in the chit fund companies to get back their hard earned money.