Special Court orders auction of 2 Chit Fund Companies’ Properties

The special court, headed by Additional District Judge Cuttack, dealing with the chit fund cases on Tuesday directed the Additional District Magistrate to sell the properties of Sai Pragati Company and S Virgin Worldwide Concept Ltd and distribute the sale earnings among the investors.

The police had ordered seizure of 14 bank accounts of the company having deposit of nearly Rs 2.77 crore and as many as 47 acres of land properties of the Company. The landed properties are in Khurda, Pipili and Puri.

Notably, the State Crime Branch had registered case against two chit fund companies, following complaints by the investors.