Cuttack, Dec. 23: The court of additional district and sessions judge here today gave its nod to the public auction of Golden Land Developers Group of Companies' properties, which had been attached during inquiry by the economic offences wing into Ponzi scam.

The attached movable and immovable properties of the Delhi-based company, which had branch offices in Phulbani, Kandhamal, Berhampur, Angul, Puri and Bhubaneswar, is estimated to be worth Rs 87.48 crore.

"This is the fourth order to be passed in the state by the designated special court under the Orissa Protection of Interests of Depositors (In Financial Establishments) Act, 2011, for public auction of the attached properties of a sham deposit collection company," Cuttack additional district magistrate Bibhuti Bhusan Das told The Telegraph today.

"The designated court had issued the first order on February 25 in case of the Rose Valley Group of Companies, second order on May 18 regarding Safex Infra India Limited and third one on September 23 in case of the Astha Group of Companies," Das said.

On the wing's proposal, the state finance department had on July 1 last issued an ad-interim order for the property attachment of Golden Land Developers Group of Companies under the act.

Subsequently on July 28, the Cuttack additional district magistrate (the competent authority under the act) filed a petition before the designated court for making the ad-interim order absolute and direction to sell the attached property by public auction.

The designated special court endorsed the petition today in the case. "In his order the presiding officer of the designated court made the order of attachment absolute and directed the applicant petitioner-cum-competent authority to sell the properties attached by public auction and release the sale proceed for equitable distribution among the depositors the money attached and realised out of the sale," special public prosecutor Subrata Mohanty told The Telegraph today.

The attached properties included 52.57 acres worth Rs 2.86 crore and frozen bank accounts with deposits of Rs 84.58 crore. The Golden Land Developers Group of Companies, consisting of Golden Land Developers Ltd and GLP Developers Ltd, used to run their business in unauthorised manner, raising money from the depositors illegally and cheating them.