In a major step toward recovering funds for victims of financial scams, three properties in Belagavi district—linked to the Sangolli Rayanna Society, Income Monetary Advisory (IMA), and other fraudulent financial institutions—will be auctioned via e-auction on July 4, 2025, between 11 AM and 1 PM.
The properties have been seized by the Special Officer and Competent Authority appointed to investigate large-scale frauds committed by these now-defunct institutions. The auction aims to generate funds to compensate the thousands of depositors who suffered major financial losses due to mismanagement and alleged scams.
Auction Details:
- Land at Balekundri Khurd – Survey No. 170/7
- Size: 1 acre 20 gunthas
- Reserve Price: ₹34,43,602
- EMD (Earnest Money Deposit): ₹3,45,000
- Minimum Bid Increment: ₹35,000
- Land at Balekundri Khurd – Survey No. 170/3
- Size: 1 acre 10 gunthas
- Reserve Price: ₹28,69,668
- EMD: ₹2,87,000
- Minimum Bid Increment: ₹29,000
- Land at Tadsalur village, Savadatti Taluk
- Size: 5 acres
- Reserve Price: ₹1,17,45,812
- Minimum Bid Increment: ₹1,18,000
This is the second attempt to sell these properties. An earlier auction saw no response from bidders. Authorities hope for a better outcome this time, especially given the growing pressure to return funds to defrauded depositors.
Though explicit links to the Sangolli Rayanna Society have not been stated in the auction notification, all three properties are listed under the name of the Competent Authority, ensuring clean titles and hassle-free ownership for prospective buyers.
With over ₹400 crore estimated to be lost in scams by these institutions, including the Sangolli Rayanna Society, depositors are eagerly awaiting compensation. The success of this auction could mark the beginning of tangible returns for the thousands affected.
Interested parties are encouraged to review the official auction notification and fulfill deposit and registration requirements well in advance.
Official Website of the Competent Authority
https://sploca.karnataka.gov.in/public-notice/public-notification/auctions
Sir Namaste,
How and where can I access the official notification?? If its available with you can you please share the same🙏
Sir we also deposited money in sangoli rayanaa society I request to refund our money . My num is 8088677515
Sir we also deposited money in sangoli rayanaa society I request to refund our money . My num is 9923073730