Artha Tatwa group CMD Sethi arrested

Bhubaneswar : A special team of Commissionerate Police, which is probing the multi-crore fraud case lodged against the Artha Tatwa (AT) group, arrested the Chairman-cum-Managing Director (CMD) Pradeep Kumar Sethi from his farmhouse at Khurda Sunday night.

Many incriminating documents, cash and gold ornaments have been seized from his possession. Raids are also being conducted at Cuttack, Puri, Dhenkanal and other places to nab his associates, a senior police official said.

During interrogation, it was found that he has duped investors to the tune of over Rs 200 crore under various schemes. Sethi will be produced in the court of Sub-Divisional Judicial Magistrate (SDJM) here Monday, the official added.

Earlier, the Commissionerate Police did not take any action though complaints piled up against the AT group. However, a case (43/13) was registered on the basis of a complaint lodged by former DIG Sukumar Panigrahi with Kharvel Nagar police Feb 6 under Sections 420, 120(B) and 406 of IPC against 12 AT officials, including Sethi.

According to reports, the company duped people across the State through 13 companies under AT group. The AT officials lured common people through schemes like fixed deposits, recurring deposits, monthly income plans, gold FD plan and trading plan, claiming that the company is certified by the Central and State Governments, RBI, SEBI and other financial institutions.

Investors and agents have alleged that the company has garnered over Rs 70 crore from the city and has collected over Rs 500 crore from over 50,000 investors from across the State.
Many incriminating documents, cash and gold ornaments have been seized from his possession. Raids are also being conducted at Cuttack, Puri, Dhenkanal and other places to nab his associates, a senior police official said.
During interrogation, it was found that he has duped investors to the tune of over Rs 200 crore under various schemes. Sethi will be produced in the court of Sub-Divisional Judicial Magistrate (SDJM) here Monday, the official added.
Earlier, the Commissionerate Police did not take any action though complaints piled up against the AT group. However, a case (43/13) was registered on the basis of a complaint lodged by former DIG Sukumar Panigrahi with Kharvel Nagar police Feb 6 under Sections 420, 120(B) and 406 of IPC against 12 AT officials, including Sethi.
According to reports, the company duped people across the State through 13 companies under AT group. The AT officials lured common people through schemes like fixed deposits, recurring deposits, monthly income plans, gold FD plan and trading plan, claiming that the company is certified by the Central and State Governments, RBI, SEBI and other financial institutions.
Investors and agents have alleged that the company has garnered over Rs 70 crore from the city and has collected over Rs 500 crore from over 50,000 investors from across the State.