No takers for Rose Valley properties at e-auction

Bhubaneswar: Though the State government has geared up to repay people the money they have invested in chit fund companies through e-auction, it received a big blow when no bidders took part at the process to sale some of the properties of Ponzi firm Rose Valley Corporation.

Confirming this Cuttack ADM Bibhuti Das said, “No bidders took part at the e-auction process for the properties of Rose Valley Corporation.”

The official however informed that it will again notify for auction of the properties.

Official sources said 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 the company, were put up for auction.

Bidders were required to put up bids between 11 AM and 3 PM.

The Special Court dealing with chit fund scam had allowed the state government in 2015 to confiscate moveable and immoveable properties of Ponzi firm Rose Valley Corporation.