Properties of AT Group chit-fund to be confiscated

Prameyanews English

Published By : Prameya News Bureau | January 03, 2024 IST

Properties of AT Group chit-fund to be confiscated

Bhubaneswar, Jan3: The assets of the chit-fund company Artha Tatwa(AT) Group will be confiscated soon.

The special OPID court (a designated court that operates under the Odisha Protection of Interests Act, 2011) Cuttack issued an order in this connection.

The designated Court direced  the Odisha government to initiate process for confiscation of the movable and immovable property of the Artha Tatwa group, in order to compensate the duped investors.

As per reports, 110 acres of land, 11 luxury vehicles, and deposits worth Rs 2.17 crore of the chit-fund firm will be attached. 

The Court in its order also stated that the confiscated properties would be auctioned and the funds fetched from it would be distributed among its investors.

110 acres of land which have been purchased by the company in Bhubaneswar, Balasore, Ganjam and several other places will be auctioned for refunding the dues of the investors.

Earlier, the government issued an attachment order to the Chief functionary of the Artha Tatwa Group Pradip Sethi through the Finance department. A case on the basis of the attachment order was moved at the OPID Court.

Worth mentioning, the Artha Tatwa Chit-fund company, registered under the Companies Act and Multi-State Cooperative Societies Act, has been accused of duping thousands of depositors of over Rs 500 crore through lucrative schemes promising fabulous returns. 

 

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