BALASORE: After spending a week in Balasore district jail, Artha Tatwa Group CMD Pradip Sethi and Director Manoj Patnaik were back in Jharpada jail in Bhubaneswar on Friday. They were taken on remand for three days in two phases by the Sahadevkhunta police in Balasore.
Sources said while Sethi admitted to have collected Rs 45 crore from Balasore district alone, the company had purchased 20.5 acres of land in and around the coastal town.
He is learnt to have said the company owned nearly 2Qo acres of land in different areas of the State.
Quoting the AT Group CMD, a police official said the company had collected nearly z 150 crore from the State and the value of the properties owned by the
any would be over Rs 200 crore.
"He said he used to pay 45 per cent of investors' money to his agents. Besides, he had gifted vehicles to the agents and senior officials of the company who were blackmailing him," the police said.
Police, however, did not divulge the details of the vehicle receivers and the name of officials who had been exploiting Sethi, who claimed that the company would repay the investors if allowed within a short time.