Bhubaneswar: Odisha Protection of Interests of Depositors (OPID) court in Cuttack has ordered confiscation of movable and immovable property associated with Artha Tatwa group over the chit fund scam.
According to sources, properties including 110 acres of land, 11 luxury cars, and Rs 2.17 crore bank deposits are to be confiscated.
The OPID court also ordered distribution of the amount of money recovered through confiscation among the victim depositors of Artha Tatwa.
The immovable assets (landed properties) to be confiscated are located in Bhubaneswar, Begunia, Tangi, Bhadrak, Balasore, Ganjam, Puri, and Angul. The movable and immovable assets will be confiscated over an alleged chit-fund scam to the tune of around Rs 600 crore.
Financial fraud was allegedly committed by Artha Tatwa between 2009 and 2012. Chief of the chit fund company Pradeep Sethy was earlier arrested in connection with the scam and subsequently lodged in jail.
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