Bhubaneswar: The Chief Judicial Magistrate (CJM) court here on Monday sentenced Artha Tatwa (AT) Group chairman and managing director Pradeep Sethy to seven years of imprisonment for his involvement in the multi-crore chit fund scam in the state.
The court pronounced the same quantum of punishment for Group directors, Manoj Kumar Patnaik and Srikrushna Padhi.
On April 7, the Special CBI Court had awarded seven-year prison term to Sethy and imposed a fine of Rs 30,000. The AT chief was also asked to deposit Rs 250 crore to repay the investors.
He was arrested by police in May 2013.
The chit fund firm is accused of duping investors to the tune of Rs 500 crore with the promise of hefty returns on deposits.
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