Ex director of AT Group held in connection with financial scam
Rs 500- crore financial scam in the money circulation company.
May 28, 2013
Source : The Times of India

 

BHUBANESWAR: Police on Monday arrested a former director of AT Group in connection with the Rs 500- crore financial scam in the money circulation company.

The former director, Jagabandhu Panda, who had joined AT Group in 2008, allegedly embezzled nearly Rs 100 crore of the company before floating another money circulation company Swastik India along with some former AT Group employees in 2011. Sources revealed that Panda allegedly invested crores of rupees in producing an upcoming Ollywood movie.

"The complicity of Panda in AT fraud is as similar as the culpability of the company's CMD Pradip Sethi. We are verifying how Panda misappropriated public deposits," said DCP Nitinjeet Singh adding, "We are also examining whether he diverted money to movies or other businesses."

Police seized a Bolero from Panda, a resident of Balasore. Police came to know that he purchased vast patches of land worth about Rs 60 crore near Odisha Engineering College (OEC) near here. "After embezzling crores of public money, he claimed to have resigned from the company in 2011. But we have the information that he was kicked out of the company after his illegal activities came to light," said another police officer.

A police source disclosed that Panda was earlier booked in a cheating case in Balasore while serving in AT Group. Evading arrest, he subsequently managed to get anticipatory bail, the police officer said.

Swastik India, where Panda held the position of director, recently came under police glare for allegedly running illegal money circulation business. Police in Sundargarh and Bargarh districts filed separate cheating cases against Swastik management for duping investors of crores of rupees earlier this month and arrested two officials of the company.

Several duped investors of Swastik India on Monday held demonstration in front of the company office at Bomikhal here demanding recovery of their investments. "We heard that some influential politicians are partners in the company. They should be exposed," said Pradyumna Sarangi, a demonstrator.

Panda, on his way to the court, refused to speak to the media on the charges against him. He was sent to judicial custody following rejection of his bail plea.

Police on Monday arrested a former director of AT Group in connection with the Rs 500- crore financial scam in the money circulation company.

The former director, Jagabandhu Panda, who had joined AT Group in 2008, allegedly embezzled nearly Rs 100 crore of the company before floating another money circulation company Swastik India along with some former AT Group employees in 2011. Sources revealed that Panda allegedly invested crores of rupees in producing an upcoming Ollywood movie.

"The complicity of Panda in AT fraud is as similar as the culpability of the company's CMD Pradip Sethi. We are verifying how Panda misappropriated public deposits," said DCP Nitinjeet Singh adding, "We are also examining whether he diverted money to movies or other businesses."

Police seized a Bolero from Panda, a resident of Balasore. Police came to know that he purchased vast patches of land worth about Rs 60 crore near Odisha Engineering College (OEC) near here. "After embezzling crores of public money, he claimed to have resigned from the company in 2011. But we have the information that he was kicked out of the company after his illegal activities came to light," said another police officer.

A police source disclosed that Panda was earlier booked in a cheating case in Balasore while serving in AT Group. Evading arrest, he subsequently managed to get anticipatory bail, the police officer said.

Swastik India, where Panda held the position of director, recently came under police glare for allegedly running illegal money circulation business. Police in Sundargarh and Bargarh districts filed separate cheating cases against Swastik management for duping investors of crores of rupees earlier this month and arrested two officials of the company.

Several duped investors of Swastik India on Monday held demonstration in front of the company office at Bomikhal here demanding recovery of their investments. "We heard that some influential politicians are partners in the company. They should be exposed," said Pradyumna Sarangi, a demonstrator.

Panda, on his way to the court, refused to speak to the media on the charges against him. He was sent to judicial custody following rejection of his bail plea.

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