Orissa chit fund czar arrested

After playing hide and seek with the police for over three months, Pradip Sethi, the chairman and managing director of the controversial non-banking financial institution (NBFI) Artha Tatwa (AT) group was on Monday arrested from his farmhouse at Khurda on the outskirts of the city.
Sethi has allegedly cheated thousands of investors in Orissa and five other states.
“There are 11 criminal cases against Sethi in different police stations, including three in Bhubaneswar. AT group has allegedly taken deposit of `1.5 crore from the capital city itself,” said Bhubaneswar deputy commissioner of police (DCP) Nitinjit Singh.
He added that cases had also been registered against him in Balasore, Kandhamal, Ganjam, Khurda, Mayurbhanj and some other districts.
Sources said Sethi had fled to Singapore after complaints of cheating were lodged against him in different police stations. He had returned to Bhubaneswar a few days back and was hiding in his farmhouse.
Before being whisked away by the police, Sethi told reporters that AT group had taken help of some ministers, ruling BJD MLAs, MPs, journalists and other influential persons to running his business. The arrested CMD said he had paid a hefty sum of `75 crore to get favours from the aforesaid people.
Sethi’s statement lends credence to a similar revelation by jailed Saradha Group chief Sudipta Sen who had said that he had paid `3 crore to an influential Orissa politician.
People were surprised when the AT group reportedly offered `1 crore for title sponsorship of the first Orissa Premier League in 2011.
“Sethi was produced in a local court here and remanded in judicial custody for 14 days after his bail application was rejected,” Crime Branch additional director general (ADG) B.K. Patnaik said.
Preliminary investigation revealed that Sethi’s AT group has allegedly duped investors to the tune of `130 crore.

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