New Delhi: To recover funds worth thousands of crores raised from public through illicit schemes, Securities and Exchange Board of India (Sebi) will auction jewellery, ornaments and branded watches of Sai Prasad group companies in an online auction on 25 May at a total reserve price of Rs2.76 crore.

As many as 148 jewellery and ornaments of gold (6.78 kg) of Sai Prasad group companies will be put under the hammer. Besides, 79 composite jewellery and ornaments with 285-carat weight of diamond and 1.1 kg of gold, five silver items of 18.42 kg and 11 branded watches will also be auctioned.

The reserve price for all the items collectively has been fixed at Rs2.76 crore for the auction to be held on 25 May. A number of recovery orders have been passed against the Sai Prasad group companies and some of its directors in the recent years for recovery of thousands of crores of rupees collected through illicit collective investment schemes.

In an auction notice, Sebi said the prospective bidders can inspect the jewellery and ornaments on 17 May satisfy themselves about the purity and quality of the items. Quality test reports about the purity of these items are also available on Sebi’s website.

Sebi said “the intending bidders shall bring their own magnifying glasses or such other instrument for ensuring quality of diamonds".

Last month, gold, diamond, jewellery and gold ornaments were put on the block. Their combined reserve price was around Rs1.51 crore.

In the last couple of years, Sebi has auctioned land assets and buildings of various defaulters for recovery of dues, including the investors’ money, while it has also attached bank and demat accounts as part of the recovery proceedings. However, Sebi now have begun auctioning other valuables such as jewellery as well for recovery of funds defaulters.

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