The special chit fund court here, once again on Monday, directed the Cuttack district administration to sell through public auction the seized properties of Tareni Construction Pvt Ltd and distribute the sale proceeds equitably among the investors, who were duped by the chit fund company.
Under the Odisha Protection of Interest of Depositors (OPID) Act, landed properties, moveable properties and bank deposits of more than Rs 55 lakh of the company were seized earlier. Sources said that more than 40 acres of land and a costly car of the company would go under the hammer by the competent authority.
Making the ad interim order of the attachment absolute, the ADJ Court, which exclusively deals with chit fund cases, directed the competent authority to go ahead with the auction procedure and distribute the realised money equitably among the investors.
Sources said the company had duped crores of rupees from its investors.
