Odisha Govt issues Guidelines to auction Ponzi Assets

Bhubaneswar, Oct 30: In a relief to the duped investors of chit fund companies, the Odisha government on Thursday issued guidelines to expedite the auctioning process of confiscated assets of chit fund companies.

Over the process, the finance department has issued notification to the district collectors directing them to fix upset prices of assets of those chit fund companies whose confiscation order are likely to be granted by court within six months.

As per reports, the state government is likely to sign an agreement with PSU MSTC India Ltd for the auction of confiscated assets of the chit fund companies. After getting orders from the designated courts, the additional district magistrates will advertise on newspaper and websites to prepare a list of duped investors in each district. After getting applications filed by the investors the refund process will begin.

The state government will give priority of returning money of small investors – people who deposited Rs 10,000 or less – from Rs 300 crore corpus fund and money raised through the auction of confiscated properties of chit fund companies.