Lens on Artha flat ‘owners’
The commissionerate police, which had probed the case before CBI took over the activities of the ponzy companies, had found as many as 158 flats, including 32 in Calcutta, in the group’s name
Sep 11, 2014
Source : The Telegraph
Pradeep Sethy, CMD, Artha Tatwa Group


Bhubaneswar: The Central Bureau of Investigation (CBI) is now trying to identify influential people, who have taken flats from the Artha Tatwa (AT) group.

The commissionerate police, which had probed the case before CBI took over the activities of the ponzy companies, had found as many as 158 flats, including 32 in Calcutta, in the group’s name.

But the commissionerate police did not ascertain the ownership and the current status of the flats for inexplicable reasons.

Sources said that some of these flats have already been completed, and some are under construction.

Chairman-cum-managing director of the group Pradeep Sethy had allegedly given some flats to influential persons to run his business, these sources said.

Sources said that the central agency was ascertaining the details of the property owned by the group in Calcutta.

“During the interrogation, Sethy had named some people who were the beneficiaries. We are verifying his statement,” said a CBI official.

These sources said that Sethy had gifted a number of flats in Bhubaneswar to his office staff, businessmen and influential persons.

The group owned more than 200 acres of land at several locations across the state, including Bhubaneswar. The property in the city is worth more than Rs 100 crore.

Sources said that the AT group of companies included an infrastructure firm that had invested big way in real estate. CBI so far has interrogated two builders for their alleged links with Sethy.

Today, a businessman and an office-bearer of the Football Association of Odisha, Sanjay Behera, were interrogated. Behera is the son Odisha Cricket Association secretary Ashirbad Behera.

In a related development, BJP senior leader Bijoy Mohapatra today said that Seashore group was another deposit company that was being probed by the CBI.

The group had formalised MoUs with the state government to promote tourism in the Mahanadi river in Cuttack, Attri hotspring near Khurda and a food park at Nabarangpur.

Pointing to a nexus between the ponzy firm and the government, Mohapatra said: “How did the government sign MoUs with such a company?”

“The government is heading towards bad days,” he said.

Latest Realty News

DLF has lost Gurgaon village land second time
Sep 11, 2014
The fine print of the Punjab and Haryana high court's September 3 order cancelling the auction that saw real estate major DLF being allotted 350 acres of land in Gurgaon has revealed a startling fact
Redevelop all unused plots in industrial areas’
Sep 11, 2014
If all goes according to plan, the civic body may soon convert all defunct industrial plots for commercial or residential use
PMC court orders part demolition of 4 buildings
Sep 11, 2014
The Patna Municipal Corporation (PMC) court on Wednesday ordered demolition of illegal parts of four buildings in the city within a month
Plot owners may get max 5 years to start construction
Sep 11, 2014
Landowners in Greater Noida will be hit hard if the Greater Noida Industrial Development Authority (GNIDA) changes its building bylaws
Govt Keen to Develop Smart Cities, Says Sorake
Sep 11, 2014
The State government on Wednesday held a preliminary meeting with representatives of various IT companies to develop ‘Smart Cities’
Can't Direct Govt to Acquire Land, says High Court
Sep 11, 2014
A High Court division bench headed by Chief Justice D H Waghela has denied permission to a woman who wanted to develop her piece of land near the Srirangapatna fort
City Encroachments Razed Amid Protest
Sep 11, 2014
Amid fierce protest by the locals, civic authorities demolished about 60 permanent structures encroaching on a stretch of road in GGP Colony here on Wednesday
BDA whip on truant builders
Sep 11, 2014
Real-estate developers engaging in unethical practices and making false promises will find themselves in trouble as the development authority has decided to stop the practice of conditional approval of building plans
Thumbs up to Tata township
Sep 11, 2014
Stakeholders of Jamshedpur today chose industrial township status with Tata Steel as civic guardian over the alternative of Jharkhand taking over the city under a municipality
Investors caught in ‘realty’ tangle
Sep 11, 2014
Investors willing to put their money in the new capital of Andhra Pradesh confront a fresh confusion. The uncertainty over exact location of the capital kept them on the hold for a long time

Latest Realty News Of State

Realty Talk's