AT Group Collected Rs 45 Cr from Balasore, says CMD
Jul 06, 2013
Source : The New Indian Express

 

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.

 

Latest Realty News

Seashore Group into Diamond Trade
Jul 06, 2013
BHUBANESWAR: The Eco­nomic Offences Wing, which is investigating the financial fraud by Seashore Group, has found that the company was also into diamond busi­ness. Seashore chief Prashant Dash, who was arrested from Mumbai last month, fre­quented the Western Indian States in connection with its diamond business too. He had visited Surat apart from operating out of Mumbai.
If Bengal Had One Sudipto, Odisha Has Numerous
Jul 06, 2013
BHUBANESWAR: If neighboring West Bengal had one Sudipto Sen to con lakhs of depositors, Odisha has become the breeding ground for one too many, though small in economic scale.
Cuttack Development Authority okays 27 acre for new colony
Jul 06, 2013
CUTTACK: The Cuttack Development Authority (CDA) has identified 27 acres of land to develop Sector 15 and expand its jurisdiction. An integrated housing project will be developed in a public-private partnership mode at Brajabiharipur in Athagarh tehsil.
Realtor dupes investors
Jul 05, 2013
BHUBANESWAR: With more skeletons are tumbling out of the clos­ets in the multi-crore chit fund and real estate scam in the State, some in­vestors here have lodged a complaint with Chandrasekharpur police against Dhiraj Constructions and Marketing Pvt Ltd alleging a fraud of Rs 2.7 crore.
Improved connectivity to Bangalore North fuels growth
Jul 05, 2013
BANGALORE: If someone who has lived here a long time were to tread beyond the boundaries of ‘his city’ as it was in the early 90s, he would actually end up discovering an entirely new Bangalore. Localities which he had never heard of or known existed would be just a Metro ride away or at the end of an expressway.
Bangalore holds potential for investors
Jul 05, 2013
BANGALORE: The National Association of Realtors-India (NAR-India), the national umbrella organisation of realtor associations, is holding its fifth annual convention this year at New Delhi. The convention, also being attended by heads of global realtor organisations, will have discussions on customer service, legal knowledge for brokers, broker-developer interface, finance and tax, excellence in business, real estate investments, emerging challenges, international brokerage practices etc.
Finance minister advises public sector banks to cut lending rates
Jul 05, 2013
DELHI: The finance minister said on July 3 that banks have been advised to reduce their base rates and pass on the benefit of policy rate cuts to borrowers to help stimulate growth. FM reviewed the performance of state-run banks and financial institutions against the backdrop of a sluggish economy. The government is keen to boost growth, which has slowed to a decade low of 5% in 2012-13.
Farmers start agitation in Noida yet again
Jul 05, 2013
DELHI: Farmers have intensified their agitation yet again in the entire Gautam Budh Nagar district halting construction work at around a dozen developers’ sites. Noida farmers stopped construction work in Sectors 74, 79, 112 and 119, vandalized the equipment and even thrashed the labourers. Farmers have declared that they will not allow construction to resume till Noida and Greater Noida authorities honour the Allahabad high court order and give them additional compensation and developed plots.
No relief for Seashore CMD from district court
Jul 05, 2013
JEYPORE: In another setback to the Chairman-cum-Managing Director of Seashore group of companies Prashant Kumar Das, who is presently lodged in a jail in Koraput district, the District court here rejected his bail plea Thursday.
AT Group MD back in prison
Jul 05, 2013
BALASORE: Artha Tatwa (AT) Group Managing Director (MD) Manoj Patnaik, who was taken by Sahadebakhunta police on remand, was sent to judicial custody Wednesday after interrogation.

Latest Realty News Of State

Realty Talk's