Odisha Sun Times Bureau
Bhubaneswar, May 9:
The Commissionerate Police today recommended to the Odisha government for the confiscation of properties worth Rs 200 crore of Artha Tatwa (AT) Group, a chit fund company which is part of the 44 companies to be probed by the CBI.
“The Commissionerate Police have written a letter to the state government for the confiscation of property of the AT Group in two phases. The properties recommended for confiscation include 106 acres of land and some flats owned by the company”, police commissioner Dr RP Sharma told the media here today.
It may be mentioned that the commissionerate police in November last year had seized 13 vehicles and some plots of land belonging to the AT Group in the course of its investigation into the multi-crore chit fund scam.
The Commisionerate Police had arrested Pradeep Sethi, managing director of AT Group, in May last year on charges of running illegal financial business and duping investors.
Sethi, who is now lodged at Jharpada jail, is involved in financial fraud amounting to more than Rs 350 crore collected from gullible investors across the state.
The company has allegedly collected deposits of at least Rs 1.5 crore from the capital city alone.
There are 25 criminal cases against Sethi in different police stations in the state.
Besides, a number of cases were also registered against him earlier in several districts including Balasore, Kandhamal, Ganjam, Khurda and Mayurbhanj.
The Commissionerate Police are investigating nine out of 11 companies of the AT Group.