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Odisha chit fund crisis: Artha Tatwa Group chief held, sent to jail

Press Trust of India
May 13, 2013 at 05:50pm IST

Bhubaneswar: Chief of controversial non-banking financial institution (NBFI) Artha Tatwa (AT) Group Pradip Sethi, was arrested and sent to jail on Monday on charges of cheating investors in different parts of Odisha. Sethi, who was playing hide and seek with police for the past three months, was finally nabbed on Sunday night and produced in a court here on Monday.

"Sethi has been remanded to judicial custody for 14 days," a police officer said. "There are 11 criminal cases against Sethi in different police stations including three in Bhubaneswar. AT group has allegedly taken deposit of Rs 1.5 crore from the capital city," said Bhubaneswar DCP Nitinjit Singh adding that cases have been registered against him in Balasore, Kandhamal, Ganjam, Khurda, Mayurbhanj and some other districts.

Before being whisked away by the police, Sethi told reporters that AT group had taken help of certain politicians and other influential persons. "Definitely they are involved," Sethi told reporters replying to a question on whether MLAs and ministers were also helping him in the illegal business.

Odisha chit fund: AT Group chief held, sent to jail

Preliminary investigation by the police has showed that Sethi's AT Group has allegedly duped investors to the tune of Rs 130 crore.

Preliminary investigation by police showed that Sethi's AT Group has allegedly duped investors to the tune of Rs 130 crore. A retired DIG of Police on February 7, 2013 was the first to file an FIR against AT group for duping him of Rs 17 lakh at Kharvel Nagar police station here


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