Odisha

AT Chit Fund Chief Pradip Sethy Gets 7-Yr Jail

**Bhubaneswar**: A JMFC court in Bhubaneswar on Monday sentenced chit fund firm Artha Tatwa (AT) Group’s chief Pradip Sethy to 7-year imprisonment after he pleaded guilty to defrauding investors of their money.

Sethy, the main accused in the Rs 1,200 crore Aartha Tatwa chit fund scam, had attempted suicide in his cell in Bhubaneswar’s Jharpada jail last year.

Besides Sethy, his two more associates named Srikrushna Padhi and Manoj Patanik, also languishing in jail, have been sentenced to the same 7-year rigorous imprisonment like him.

Earlier, the Special CBI Court has already sentenced him to 7 years of imprisonment.

The Group, registered under the Companies Act and the Multi-State Cooperative Societies Act, collected money from small investors in Odisha with a promise of high returns ranging from 15 to 20 per cent.

In November 2010, Pradeep Sethy, a 32-year-old computer science diploma holder from Ganjam district, had left his sales job at an insurance company to start 9 firms under the Artha Tatwa Group that dabbled cooperative society, housing, infrastructure, insurance, equity management, healthcare, knowledge process outsourcing, information technology, computer hardware products including a laptop brand called Systematix, food products, retail and security.

Tags

Related Articles

Back to top button
Close