Sebi to auction 61 properties of Saradha Group on July 17 to recover investors’ money

Market regulator, Securities and Exchange Board of India (SEBI), has announced the auction of 61 properties belonging to the Saradha Group on 17 July, with a reserve price of over INR26.22 crore ($3.5m). The proceeds will be used to recover funds raised through an illegal chit fund operation that collapsed in April 2013, allegedly causing losses of nearly INR40bn ($534m). The properties include land parcels in West Bengal, and the auction will be managed by online classified-ads company, Quikr Realty, with C1 India as the e-auction provider.