Delay in assets attachment of Artha Tatwa Group irks govt
Jan 23, 2014
Source : The Times of India


BHUBANESWAR: The state government has asked commissionerate of police to expedite the process to attach property of controversial Artha Tatwa (AT) Group. The money-circulation company is accused of duping thousands of investors of more than Rs 350 crore.

Though Kharvela Nagar police arrested AT Group CMD Pradip Sethy on May 12, 2013, and nabbed six other functionaries in due course of time, the process of confiscation of assets has been delayed. "We have asked commissioner of police to immediately send a proposal to finance department to attach AT properties. AT fraud is a high-profile case. Inordinate delay might infuriate the duped investors," said a home department officer. DCP Nitinjeet Singh said Kharvela Nagar police would submit the proposal to finance department within two or three days. "The investigating officer is fine-tuning official records and seizure lists," Singh told TOI.

Around 25 cheating cases were registered against Sethy at different police stations in Odisha after his arrest in Bhubaneswar. He is still behind bars. Soon after his arrest here, he dropped a bombshell and told the media that he gave crores of rupees as bribe to several ministers and politicians to shield his business. But police had since rubbished his claim. There had been wildcat protests against AT Group by duped investors across the state.

Police have so far seized assets worth Rs 220 crore of AT Group. "We have seized over 235 acre recorded in the name of AT Group. We are likely to receive more information from revenue and tahasil officers in other districts about AT properties. Cash of more than Rs 2 crore in different banks was frozen and 13 luxurious vehicles seized," an officer said.



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