Markets regulator SEBI on Monday stated it’ll public sale 66 properties of Saradha Group on April 11 at a reserve worth totalling Rs 32 crore to recuperate cash raised by the agency from the general public by way of illicit schemes.

The properties to go beneath the hammer embody land parcels positioned in West Bengal, the Securities and Trade Board of India stated in a discover.

The regulator stated that the e-auction might be performed between 11 am and 1 pm on April 11. The overall reserve worth of those properties is pegged at about Rs 32 crore.

SEBI has engaged Quikr Realty to help it in sale of the properties and appointed C1 India because the e-auction supplier.

The event got here after the Calcutta Excessive Courtroom handed an order in June 2022, directing SEBI to proceed with the public sale of properties of Saradha Group of Corporations. All the train was directed to be accomplished inside three months.

Saradha Group, a consortium of over 239 personal firms, allegedly ran chit fund operations in West Bengal, Assam and Odisha and raised round Rs 4,000 crore from 1.7 million depositors earlier than it collapsed in April 2013.

In response to the discover, the regulator stated bidders ought to make their very own impartial enquiries concerning the encumbrances, litigations, attachments and acquisition of liabilities of the property placed on public sale, prior submitting their bid.

“The purchaser shall take part within the e-auction on his personal behalf and no third celebration intervention, like approved agent/consultant, could be permitted. The profitable bidder shall bear the costs/ charge payable for switch of the property in his/her title. All taxes shall be borne by the purchaser,” the discover stated.

In September 2022, the regulator stated that it’ll public sale 69 properties of Saradha Group of Corporations on Nov. 1 at a reserve worth of Rs 30 crore.