Odisha Court Orders Sale Of ‘Dubious Properties’ Of Sarala Realcon

Cuttack: A special court in Odisha has ordered for sale of assets belonging to real estate firm Sarala Realcon, its Managing Director Gayadhar Jena and other directors in a land fraud case.

The designated court under Odisha Protection of Interests of Depositors (OPID) Act in Cuttack has made the ad-interim order of attachment absolute and directed competent authority – Additional District Magistrate (ADM) of  Cuttack – to sell the immovable properties through public auction.

The court, in a recent order, also directed the ADM to realise the amount deposited in bank accounts along with interest accrued thereon for equitable distribution among duped investors, the Economic Offences Wing (EOW) of Odisha police said in a press note on Monday.

The properties include immovable landed property of area more than 95 acres cost around Rs.13.81 crore, frozen bank balance of Rs 13,10,316/-, seized cash of Rs.3,25,600/- and four vehicles – Scorpio Hawk ABS, Pajero SFX, BMW-X5-3, OD SAV and Toyota Fortuner, it said.

The EOW had in 2015 registered a case under various sections of IPC read with section 6 of OPID Act against Sarala Realcon Pvt Ltd, its MD Gayadhar Jena and five others on the allegation of duping 238 investors to the tune of approximately Rs 17 crore in the name of providing them land/plots in different prime locations, it said.

During investigation, the EOW traced movable and immovable properties created by the accused MD and other Directors out of the public deposits in their names as well as in the name of the company M/s Sarala Realcon Pvt Ltd.

The EOW had on July 2, 2016 had submitted an ad-interim proposal for attachment of those properties under the provision of Sec.3 of OPID Act. On the basis of the proposal, the finance department had issued an ad-interim order for attachment of properties on October 19, 2016. The designated court has now made the ad-interim order of attachment absolute.