CBI arrests builder in Artha Tatwa fraud
The accused, Sagar Ray, had partnered with AT Group chief Pradeep Sethy to execute some housing projects in the city and outskirts
Nov 15, 2014
Source : The Times of India


BHUBANESWAR: The CBI arrested a builder on charges of embezzling Artha Tatwa (AT) Group funds. The accused, Sagar Ray, had partnered with AT Group chief Pradeep Sethy to execute some housing projects in the city and outskirts.

"Prima facie, we found clinching evidence against Ray, who was questioned 15 times by us in the past one-and-a-half months. He took lakhs of rupees from Sethy, but did not use it in the real estate business. His act amounted to misappropriation of AT Group funds and cheating," said a CBI officer.

"He received the money in his personal account as well as in the accounts of his company. He could not give satisfactory answers about the transactions," the officer said.

Ray was the director of Orison Group, a real estate firm, whose two other directors Vineet Lalani and Dilip Mohanty were arrested on November 5.

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