Court orders public auction of Saradha Group’s properties in Balasore

Highlights

• Saradha Realty chit fund firm was closed in 2013 in a fraud case.
• The court confiscated a total of 13.64 acres land of Saradha Group.

Balasore (Odisha):  A specially designated court in  Balasore on Wednesday directed the Odisha government to auction the confiscated properties of Saradha Realty.

Saradha Realty chit fund firm has duped thousands of depositors in the state.

The court confiscated a total of 13.64 acres land of Saradha Group and directed the competent authority to public auction the properties. The value of the attached properties is estimated to be around Rs 4.20 crore.

The designated court also directed to equitably distribute the sale proceeds among the needy investors.

“The court in its verdict ordered for public auction of around 13.64 acres 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, the public prosecutor.

Saradha Group had duped thousands of investors across the country by floating various schemes. It had opened up offices at Bhadrak, Balasore, Ganjam, and Bhubaneswar in Odisha.

The Economic Offence Wing of Crime Branch had raided the office of Saradha Realty in 2013. They arrested two officials subsequently.