Home HEADLINES Odisha chit fund scam: Builder Sagar Ray arrested by CBI

Odisha chit fund scam: Builder Sagar Ray arrested by CBI

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Odisha Sun Times Bureau
Bhubaneswar, Nov 14:

The CBI this evening arrested realtor Sagar Ray for his alleged links with Artha Tatwa (AT) Group, a major player in the multi-crore chit fund scam in Odisha.

File Pic of Sagar Ray
File Pic of Sagar Ray

Sagar Ray, one of the proprietors of Orison Properties Ltd, a city-based real estate firm,  had appeared before the CBI team for questioning for the second time this mornng.

Ray, under the CBI scanner for his alleged involvement in land deals of the Artha Tatwa (AT) Group and construction of apartments and duplex houses in the city, had appeared before CBI here on November 11 twice, first in the afternoon and then again in the night.

The builder, along with Vineet Lalani, his partner, is said to have taken huge amounts of money from the AT group for their real estate and construction business, sources said.

On September 5, the CBI had recorded the statements of two builders, Ray and Lalani, after grilling them for several hours.

On November 5, the CBI team had arrested Lalani and Dillip Mohanty for their alleged links with the AT Group, a ponzi firm, on the basis of their recorded statements and its investigation

Dillip Mohanty, another realtor, happens to be a director of Lalani’s real estate firm.

The special CBI court here on November 13 had sent the two businessmen – Lalani and Mohanty – on a 14-day judicial custody after rejecting their bail pleas. They would be produced in the court on November 26 again.

Sources said Orison Properties Ltd had constructed an apartment at Sundarpada in the city using AT Group money.

However, Lalani later sold the apartment, but did not repay the amount he had taken from the AT Group, the sources added.