Assets of Siridi Sai Estates to be sold in public auction

Cuttack: A designated court hearing cases on the chit fund scam in Odisha today ordered public auction of seized properties of Siridi Sai Estates Private Limited.

The special court headed by an ADJ-rank judicial officer asked the competent authority (Cuttack ADM) to distribute the realised amount from the auction equitably among the investors in that company.

The court has already ordered for public auction of properties of at least seven chit fund companies. Cases of at least two dozen more tainted companies are still pending in the court.

The economic offence wing (EOW) of state police had earlier seized 1.670 acres of landed properties of Sirdi Sai Estates located in Bhubaneswar.

Two luxury cars of the company and a bank account were also seized by the EOW sleuths.

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The designated court had ordered selling through public auction the confiscated properties of Rose Valley Group of Companies, GLP Developers, Sai Pragati Developers and the properties of Astha International Company.

However, very few people are coming forward to participate in the auction of the properties of these tainted companies.