Bhubaneswar: Directorate of Enforcement (ED), Bhubaneswar, carried out search operations at various locations in Odisha on Thursday last in the matter of M/s Artha Tatwa (AT) Group of Companies. ED initiated an investigation based on FIRs registered by CBI under various Sections of IPC, 1860, against M/s Artha Tatwa (AT) Group of Companies, according to an official press release issued by the ED.
The ED investigation revealed that the Artha Tatwa (AT) Group of Companies indulged in fraudulent collection of deposits from the public without any due permission from regulatory authorities. AT group formed several different real estate companies and other such interconnected entities to run a classic “Ponzi investment scam” as there was no worthwhile investment capable of generating a surplus to pay back the investors. To date, proceeds of crime amounting to Rs 135 crore have been attached vide five different provisional attachment orders, and 3 prosecution complaints have also been filed in respect of 15 different accused persons/entities.
During the search operations, a total amount of Rs 23 Lakh lying in cash, an Audi Q3 car worth Rs 35 lakh approximately, jewellery worth Rs 24.15 lakh was seized. Further, various incriminating documents including undated cheques, sale deed agreements, and digital devices have been seized from the searched premises.
Further investigation is in progress, the release added.
