ED frames charge in high-profile Artha Tatwa chit fund scam in Odisha

The Enforcement Directorate (ED) framed charges on Tuesday against at least 15 accused in a court dedicated to the Prevention of Money Laundering Act (PMLA) in connection with the much-debated Artha Tatwa chit fund scam.

Following an extensive probe, the ED authorities have brought formal charges against the allegedly fake financial company.

Worth mentioning, a total of 15 individuals have been arrested so far in relation to the case. In a bid to trace illicit financial activities, the ED has successfully attached assets estimated at around Rs 135 Crore. The confiscated assets include bank balances, plots of land, houses, and residential flats.

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The authorities are stepping up efforts to recover funds and bring those implicated in the financial mismanagement to justice. These developments come amidst increasing scrutiny of financial practices within non-banking financial sectors, where chit funds are reported to thrive as informal saving schemes, particularly in rural areas.

The case continues to highlight challenges in regulatory oversight and financial governance in the State.

Earlier on March 13, intensifying its investigation into the chit fund scam by the Artha Tatwa (AT) Group, the ED had grilled businessman Vineet Lalani.

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The ED raided eight locations linked to the accused including six in Bhubaneswar and one each in Berhmapur and Chhatrapur as part of its probe into alleged money laundering.

After a brief halt in its probe of large-scale financial irregularities in chit fund, the ED raided several places in Odisha connected to the Artha Tatwa Group on March 7.