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Gold Ornaments Worth ₹7.39 Lakh to Be Auctioned in Bengaluru Under KPIDFE Act

Mar 31 2026

Gold Ornaments Worth ₹7.39 Lakh to Go Under E-Auction in Bengaluru Under KPIDFE Act

Bengaluru: The Office of the Special Officer and Competent Authority (IMA & Other Scams) has announced an e-auction of attached movable property, including gold ornaments, as part of recovery proceedings under the Karnataka Protection of Interest of Depositors in Financial Establishments (KPIDFE) Act, 2004.

The auction will be conducted through the Karnataka Public Procurement Portal, offering interested bidders a transparent opportunity to participate in the sale of seized assets linked to financial irregularities.

OFFICIAL NOTICE 1

OFFICIAL NOTICE 2

Key Highlights of the E-Auction

  • Property Type: Gold ornaments (chain, necklace with stones, ring with stones, enamel necklace)
  • Gross Weight: 68.56 grams
  • Net Weight: 61.00 grams
  • Minimum Bid Price: ₹7,39,658
  • Earnest Money Deposit (EMD): ₹74,000
  • Bid Increment Value: ₹8,000

The assets are being sold on an “as is where is and whatever there is” basis, meaning bidders must independently verify the condition and details before participating.
Gold Ornaments Worth ₹7.39 Lakh to Be Auctioned in Bengaluru Under KPIDFE Act

Important Dates to Remember

  • Pre-bid Meeting: April 7, 2026 (3:00 PM – 4:00 PM)
  • Inspection of Property: April 7, 2026 (11:00 AM – 1:00 PM)
  • Last Date for Bid Submission & EMD: April 17, 2026 (before 5:00 PM)
  • E-Auction Date: April 22, 2026 (11:00 AM – 1:00 PM)

All physical interactions, including inspection and pre-bid meetings, will take place at the office located at Visvesvariah Towers, Dr. Ambedkar Veedhi, Bengaluru.

How to Participate in the Auction

Interested bidders must:

  1. Register online on the Karnataka Public Procurement Portal
  2. Deposit the EMD through the portal
  3. Upload KYC documents, including identity proof and PAN card
  4. Submit the bid form and declaration as per tender requirements

Only bidders who successfully submit the EMD and documents will be eligible to participate in the online bidding process.

Strict Compliance and Verification Rules

Authorities have emphasized that:

  • Incorrect or incomplete information may lead to disqualification
  • EMD may be forfeited in case of default, withdrawal, or misrepresentation
  • Bidders must conduct independent due diligence before placing bids

The tender document clearly states that the seller does not guarantee the accuracy, completeness, or condition of the assets.

Payment Terms for Successful Bidders

  • 15% of bid amount: To be paid within 72 hours of winning
  • Remaining amount: Within 15 days of intimation
  • Payments must be made via RTGS/NEFT to the designated account

Failure to comply with payment timelines may result in cancellation of sale and forfeiture of deposits.

Legal Framework and Background

The auction is being conducted following an attachment order confirmed by a Special Court in connection with cases under the KPIDFE Act. The initiative aims to recover funds and protect the interests of depositors affected by financial scams.

Buyer Beware Clause Applies

Authorities have reiterated the principle of “Caveat Emptor” (buyer beware), urging participants to:

  • Inspect the property personally
  • Verify all details independently
  • Understand legal and financial obligations

The sale includes all existing and future liabilities, if any, associated with the property.

Where to Get More Information