Court Orders Auction of Safex Infra Ltd Property

Published: 19th May 2015 06:03 AM  |   Last Updated: 19th May 2015 06:03 AM   |  A+A-

CUTTACK: The special designated court of the Additional District and Sessions Judge on Monday ordered auction of the property belonging to Safex Infra India Ltd, making it the second chit fund company to be subjected to public sale for repaying defrauded depositors.

Judge PK Sasmal, while ordering attachment of the property both moveable and immovable, directed the Competent Authority under the Odisha Protection of Interests of Depositors (In Financial Establishments) (OPID) Act, 2011 to sell them and take steps for distribution among the depositors.

The property in question is around 13.72 acre of prime land spread across major locations in Ganjam district, which runs into crores of rupees and cash seizure to the tune of

`5,68,849.  The  designated Competent Authority, ADM Cuttack, BB Das will have to initiate measures for public sale of the land and distribution of cash. Safex Infra India MD Firoj Khan has been absconding after duping investors of more than `10 crore through his money circulation schemes. After collecting the money, he and other senior officials of the company had purchased prime property in several important places, mainly in Ganjam district.

The Crime Branch had on January 18, 2014 proposed the Finance department to pass an ad interim order of attachment of the property in the name of Firoj Khan and other officials. The Finance department passed the ad interim order on February 15 asking the ADM and designated Competent Authority to file application in court to make the order absolute.Accordingly, the application was filed on March 14, 2014 wherein the CA himself and the DSP Crime branch S Sahoo gave evidence along with submitting relevant documents. While none of the accused, barring one BB Swain, appeared in the case, the judge on Monday passed the ex parte order directing sale of the 13.72 acre land spread across Purushottampur, Chhatrapur and Berhampur in Ganjam district.


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