Bhubaneswar: Odisha Protection of Interests of Depositors (OPID) court in Cuttack today ordered to confiscation of the properties associated with Artha Tatwa over the chit fund scam, which include 110 acre land, 11 luxury cars, and Rs 2.17 crore bank deposits.
An official source said that the OPID court also ordered to distribution of the amount of money recovered through confiscation among the victim depositors of Artha Tatwa.
The immovable assets (landed properties) to be confiscated are located in Bhubaneswar, Begunia, Tangi, Bhadrak, Balasore, Ganjam, Puri, and Angul. The movable and immovable assets will be confiscated over an alleged chit-fund scam to the tune of around Rs 600 crore.
The financial fraud was done by Artha Tatwa between 2009 and 2012. Chief of the chit fund company Pradeep Sethy was earlier arrested in connection with the scam and subsequently lodged in jail.