AT Group chief Sethi beaten at his own game
He wanted to sell land at higher rates, but failed to do so because the market price was much less than the rates paid by him
Jun 01, 2013
Source : The Times of India

 

BHUBANESWAR: AT Group CMDPradipSethi, who allegedly cheated thousands of investors, was taken for a ride by land sharks, who made him buy land at inflated prices. Sethi, who had planned to return investors' heavy interests by selling it at higher rates, failed to dispose it after realizing the real price of the property, police said.

"Sethi wanted to make a splash in real estate business. He wanted to sell land at higher rates, but failed to do so because the market price was much less than the rates paid by him," DCP Nitinjeet Singh told TOI.

While Sethi on May 13 told the media that he owned nearly 175 acres at different places in Odisha, police have so far found out that he owns nearly 234 acres in 10 tehsils. Though police said they have not yet made a valuation of those immovable assets, sources said the property would fetch around Rs 110 crore. "But Sethi bought those land for nearly Rs 200 crore, incurring heavy loss," another police officer said. Police found nearly 140 acres of land recorded in AT Group's name in and around Bhubaneswar.

Real estate business was his only hope to mobilize money as he was paying hefty commission to agents, police said.

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