AT fraud: Media heads plead innocence
BHUBANESWAR: Some media entrepreneurs and builders, who on Tuesday were interrogated for their alleged links with the Artha Tatwa (AT) Group, washed their hands off the fraud and pleaded innocence
Jun 05, 2013
Source : The Times of India


BHUBANESWAR: Some media entrepreneurs and builders, who on Tuesday were interrogated for their alleged links with the Artha Tatwa (AT) Group, washed their hands off the fraud and pleaded innocence.


Contrary to the bankrupt AT Group chief Pradip Sethi's statement to police that he diverted crores of rupees into real estate and other businesses and altogether 22 persons had financially benefitted from him, eight of them appeared before Kharvela Nagar police and claimed that the AT Group chief owes them money.


Bikas Swain, owner of an Odia daily, and Lipi Das, owner of an Odia news channel, denied striking any dubious deals with AT Group. "I received Rs 65 lakh towards advertisement from AT Group from 2011 till date. Sethi still owes me Rs 50 lakh. I showed the bills to police," Swain said.


Das' husband Manoj said, "We had a business relationship with AT. The company planned to start six TV channels. The company struck a Rs 90 lakh-deal with us to hire our technology to telecast his channels."


"AT gave us Rs 90 lakh as security deposit. But the company did not start any channel and blocked my telecast device. I incurred nearly Rs 3 crore loss due to the deal. We will move court, seeking the loss amount from AT Group," Das said.


City-based realtors and businessmen Satyabrata Dhir, Vineet Lalani, Sagar Ray, Dharmendra Bothra, Sanjay Panda and Ashis Dhal said the AT Group bagged the marketing rights of their real estate and other businesses, but did not pay them.


Dhir said Sethi owes him nearly Rs 3 crore. "He purchased several flats and plots from me, but did not pay me the whole amount," Dhir said. He, however, declined to divulge details about the dealings.


A few of them could not appear in the police station and instead sent their representatives (lawyers and chartered accountants) to face the grilling.


Odisha Cricket Association secretary Asirbad Behera is slated to appear at Kharvel Nagar police station on Wednesday. AT Group reportedly sponsored the Odisha Premier League (OPL). Sethi had allegedly given Rs 75 lakh to OCA for Ranji Trophy and another Rs 25 lakh for OPL, police said.


AT Group has been in the eye of the chit fund storm for allegedly embezzling public money to the tune of over Rs 500 crore by floating ponzi schemes and diverting the money into other businesses.

Latest Realty News

AT agents to come under lens
Jun 04, 2013
BHUBANESWAR: After AT Group's top bosses, police have now decided to turn the heat on agents, who lured gullible investors and collected huge amounts. Police sources said AT Group agents were getting the highest commission, nearly 40%, compared to other money circulation companies in Odisha.
Chit fund judicial probe a cover-up act: KV Singhdeo
Jun 04, 2013
BHUBANESWAR: State BJP president KV Singhdeo on Sunday held the government squarely responsible for the chit fund scam and said the judicial commission instituted by the government is a cover-up exercise. He kicked off the third leg of his statewide mass contact campaign from Keonjhar district.
Lease violations high in Mumbai suburbs
Jun 04, 2013
A review by the collector’s office has found violations on a majority of plots allotted on lease in the suburbs. On plots where the lease has run out, violations have been detected in about 95% of the cases.
Madurai officials seal three buildings for violating norms
Jun 04, 2013
Marurai: Officials from the local planning authority (LPA) on Thursday sealed a multi-storeyed building in the city at Kalavasal that houses a retail supermarket, which was recently inaugurated. Official sources said that the building was constructed without adequate back space whereby rescue operations in case of emergencies would become difficult.
Mhada to hold 1 more lottery around Diwali
Jun 03, 2013
In a first, the Maharashtra Housing and Area Development Authority (Mhada) is planning to hold a second round of lottery for 2,450 under-construction flats around Diwali this year. The flats, which would be completed early next year, would be located in Virar, said Mhada vice-chairman Satish Gavai.
Virar offers multi-dimensional benefits for affordable housing
Jun 03, 2013
For Somesh Vaidya, who shifted to Virar from Borivili, it was a decision he would not regret. The area has excellent connectivity, more open space and social infrastructure is no less compared to the other suburbs. Another added advantage of buying property here is its easy accessibility to Mumbai via the Western Express Highway, which is just five kms from the area and the Metro is only in three kms. The roads are also constructed well and are in good shape.
Pune’s Green Chapter
Jun 03, 2013
One may wonder why the sudden gust of Green Homes. Why are real estate developers suddenly focused on building green buildings/townships? understands the benefits of investment and the interest of developers in green homes. It has launched its microsite to celebrate World Environment Day for the entire month of June 2013.
Mumbai may get exemption from high rise rules
Jun 03, 2013
High rise building projects in India’s commercial capital Mumbai might get a breather from the ministry of environment and forests (MOEF) guidelines linking height of the building with a width of a near-by road and a distance from fire station.
HDIL slips on posting Q4 losses
Jun 03, 2013
Housing Development and Infrastructure (HDIL) has slipped 9% to Rs 46.90 after reporting a consolidated net loss of Rs 280 crore for the quarter ended March 31, 2013 (Q4) due to exceptional loss of Rs 442 crore pertaining to Mumbai International Airport Slum Rehabilitation project. The Mumbai-based real estate developer had a net profit of Rs 316 crore in the same period a year ago. The company’s income from operations declined sharply 77% to Rs 140 crore from Rs 622 crore during the recen
Mumbai's desire for height
Jun 03, 2013
Mumbai's real estate is among the most expensive in the world. Partly, of course, this is a result of geographical factors - the city is limited by natural boundaries of sea, hills and marshland.

Latest Realty News Of State

Realty Talk's