Court orders auction of seized assets of Sri Bhumi

An special court dealing with the cases pertaining to chit fund scam today ordered the sale of seized assets of a ponzi scheme firm through public auction.
The court of Additional District Judge (ADJ) also directed the competent authority to distribute the money realised through auction, equitably among the poor investors of M/s Sri Bhumi Group of Companies.
This is the eighth such order passed by the special court during last two years for public auction of seized properties of eight tainted companies that collected money from public luring them with promise to high interest. At least two dozen more such cases are now pending disposal in the same court.

The company Bhubaneswar-headquartered had collected more than Rs five crore from public by opening branch offices in Angul, Rourkela, Balasore and Jaleswar. At least 550 investors in the company have so far complained of cheating and the number is still counting, sources said.
On the basis of cases registered by the Economic Offences Wing (EOW) of State crime branch, police have arrested Subhransu Singh, one of the directors of the company.
The other director Chaturanan Majhi is still absconding. Police have also seized documents of at least 64 acres of land belonging to the company and cash over Rs 3 lakh.

Soon after filing of the charge sheet against Singh, the state government in July 2015 had issued ad-interim order to attach the properties of the company.
Accordingly, the Cuttack, Additional District Magistrate (ADM), who has been appointed as the competent authority in these matters, approached the designated court seeking permission for public auction of the attached properties.