Home STATE Odisha chit fund scam; CBI court reserves verdict on Deepak Parekh’s bail...

Odisha chit fund scam; CBI court reserves verdict on Deepak Parekh’s bail plea


Reported by Santosh Jagdev
Bhubaneswar, Jan 2:

The special CBI court here today completed the hearing on the bail plea of Mumbai stock broker Deepak Chandratan Parekh, arrested by the CBI for his alleged complicity in the multi-crore chit fund scam in Odisha, and kept its verdict reserved till January 5.


This was the first bail petition moved by the counsel for Parekh in the CBI court after the submission of preliminary charge-sheet by the CBI in the case against the Artha Tatwa (AT) Group, a major player in the multi-thousand crore chit fund scam in the state.

Earlier, both the CBI court and the Khordha district and session judge court had rejected the bail plea of the accused.

The charge sheet submitted by the Central agency on December 11 last year had slapped charges under several sections of the IPC, including 120 (B), 406, 411, 409, 420, 468, 471 of IPC and sections 4, 5, 6 of the Prize Chit and Money Circulation (Banning) Act, 1978 against the accused.

Parekh was arrested by the CBI on September 21 last year for his alleged links with the AT Group and its chief Pradeep Sethy.

According to CBI sources, Parekh, who was associated with a stock trading company named Yash Trading and Finance Limited earlier, became the director of Artha Tatwa Capital Limited (ATCL) on May 5, 2009.

The ATCL was listed at the Bombay Stock Exchange. Parekh used to invest AT Group’s money in the stock market. Parekh had allegedly obtained license from SEBI and MCX for AT Group.