Land Fraud Case: Court Orders Public Auction of Surya Nirman Resources Private Ltd. Properties

Cuttack: The designated court under the OPID Act in Cuttack has issued an ad-interim order of attachment absolute for the properties of M/s Surya Nirman Resources Private Ltd., a real estate company that defrauded investors and depositors. The court has directed the competent authority to conduct a public auction for the equitable distribution of the proceeds among the firm’s investors and depositors.

The Economic Offences Wing (EOW) of the Odisha Police had filed a case against the company in May 2017, alleging that it had collected over Rs 2 crore from investors and depositors by promising litigation-free plots/land at Chandaka or high returns through different money-back schemes but failed to deliver. The company’s directors had collected the money through enticing schemes, brochures, leaflets, and personal inducements without proper authorization.

Following an investigation, the EOW had gathered details of the company’s assets from the Inspector General of Registration, Cuttack, which included 17.468 decimal land in Krushna Nagar, Chandaka, Kantabada in Khurda district, and Kujanga and Padampur in Jagatsinghpur district. The EOW had submitted an ad-interim proposal for the attachment of these properties to the Finance Department, Government of Odisha, which led to the attachment of the properties on April 9, 2018.

The court’s order is a significant step in providing relief to the victims of the fraud. The public auction of the company’s properties will help to recover the investors’ and depositors’ money.