Cuttack, Feb 4 (PTI) A special chit fund court here on Friday directed the Cuttack administration to auction properties of two chit fund companies that had duped people who had invested their savings in their ponzi schemes.

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A total 18 acres valued at Rs 1.05 crore and moveable properties of nearly Rs 9 lakh will go under the hammer.

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The chit fund court, dealing exclusively on matters related to the Odisha Protection of Interest of Depositors (OPID) Act, directed distribution of the sale proceeds equitably among the investors.

Movable assets and bank deposits worth over Rs one crore of Orissa Homes Pvt. Ltd and Trisat Estates and Construction were seized earlier under the OPID Act Landed Properties.

The finance department had passed an interim order in December 2018 attaching the seized properties of the two chit fund companies which had duped 153 people in Khurda district of Rs 7.55 crore.

The OPID court had made the attachment "absolute".

The companies had collected the money from people with a promise to provide them houses at different localities near Khurda town. But they did not even after the expiry of the deadline and also failed to return the money to the investors.

The case was investigated by the economic offences wing of Odisha police.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)